Industrial Development (Encouragement of External Investment) Act, 1958
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SECOND SCHEDULE. Exempted 1932 Business In Respect Of Carrying On A Particular Manufacturing Process. | ||
A business shall for the purposes of paragraph (f) of subsection (1) of section 5 of this Act, be an exempted 1932 business in respect of the carrying on at a particular time (in this Schedule referred to as the relevant time) of a particular manufacturing process (in this Schedule referred to as the said manufacturing process) if the following conditions are complied with— | ||
(1) the business is at the relevant time owned either by— | ||
(a) the company by which it was owned on the 1st day of June, 1932, or | ||
(b) a company, the issued shares of which are beneficially owned to an extent exceeding one-half (in nominal value) by the individual or all, some or one of the individuals by whom such business was beneficially owned on the 1st day of June, 1932, or by the company by which it was owned on the 1st day of June, 1932, and | ||
(2) either— | ||
(a) (i) the carrying on of the said manufacturing process would, if it had been carried on on the 1st day of June, 1932, or within one month immediately preceding that date, have been in the ordinary course of or formed part of such business or have been a reasonable extension of such business as then carried on in the State, and | ||
(ii) any manufacturing process was being carried on on the 1st day of June, 1932, in the ordinary course of, or as part of such business as then carried on in the State, or | ||
(b) (i) the carrying on of the said manufacturing process would, if it had been carried on on the 1st day of June, 1932, or within one month immediately preceding that date, have been a reasonable extension of such business as then carried on in the State, and | ||
(ii) any manufacturing process was being carried on on the 31st day of January, 1958, in the ordinary course of or as part of such business as then carried on in the State. |