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Amendment of section 79 (conveyances and transfers of property between certain bodies corporate) of Principal Act.
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136.—(1) Section 79 of the Principal Act is amended—
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(a) in subsection (3)—
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(i) by substituting “ordinary share capital” for “issued share capital” in the first 2 places where it occurs, and
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(ii) by substituting the following for paragraphs (a), (b) and (c):
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“(a) references to company were references to body corporate, and
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(b) references to companies were references to bodies corporate.”,
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(b) by inserting the following after subsection (3):
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“(3A) For the purposes of subsection (3) ‘ordinary share capital’, in relation to a body corporate, means all the issued share capital (by whatever name called) of the body corporate, other than capital the holders of which have a right to a dividend at a fixed rate, but have no other right to share in the profits of the body corporate.”,
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and
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(c) by inserting the following after subsection (8):
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“(9) This section shall apply notwithstanding that a body corporate, referred to in this section, is incorporated outside the State, and such body corporate, corresponds, under the law of the place where it is incorporated, to a body corporate which has an ordinary share capital within the meaning given in subsection (3A) and subject to any necessary modifications for the purpose of so corresponding, all the other provisions of this section are met.”.
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(2) Subsection (1) applies and has effect in relation to instruments executed on or after 6 February 2003.
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