Industrial Development (Encouragement of External Investment) Act, 1958

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Number 16 of 1958.

INDUSTRIAL DEVELOPMENT (ENCOURAGEMENT OF EXTERNAL INVESTMENT) ACT, 1958.

ARRANGEMENT OF SECTIONS

FIRST SCHEDULE

Qualified Companies And Qualified Businesses

SECOND SCHEDULE

Exempted 1932 Business In Respect Of Carrying On A Particular Manufacturing Proces

THIRD SCHEDULE

Enactments Repealed

Number 16 of 1958.

INDUSTRIAL DEVELOPMENT (ENCOURAGEMENT OF EXTERNAL INVESTMENT) ACT, 1958.*

AN ACT TO AMEND THE CONTROL OF MANUFACTURES ACTS, 1932 AND 1934. [2nd July, 1958.]

BE IT ENACTED BY THE OIREACHTAS AS FOLLOWS:—

Interpretation generally.

1.—(1) In this Act—

“the Act of 1932” means the Control of Manufactures Act, 1932 (No. 21 of 1932);

“the Act of 1934” means the Control of Manufactures Act, 1934 (No. 36 of 1934);

“the appointed day” means the day which is the first anniversary of the date of the passing of this Act;

“commodity” includes any article, material or substance, and references to a commodity include references to part of that commodity;

“company”, when used without qualification, means a company, whether established before or after the passing of this Act, and whether established, within or without the State;

“Irish company” means a company registered in the State under the Companies Acts, 1908 to 1924;

“qualified (1932 Act) person” means a person being—

(a) an Irish citizen, or

(b) a person born in the State, or

(c) a person who at the relevant time was or is and for not less than five consecutive years immediately preceding that time had or has been ordinarily resident in the State;

“qualified (1934 Act) person” means a person being—

(a) an Irish citizen, or

(b) a person born in the State, or

(c) a person who at the relevant time was or is and for not less than five consecutive years immediately preceding the 2nd day of July, 1934, had been ordinarily resident in the State;

“the State” includes the area now comprised in the State.

(2) This Act shall be construed as one with the Control of Manufactures Acts, 1932 and 1934.

(3) References in this Act to any enactment shall be construed as references to that enactment as amended by any subsequent enactment, including this Act.

Manufacturing processes.

2.—For the purposes of this Act each of the following shall be a manufacturing process—

(a) the making, by the use of mechanical power, of a commodity,

(b) the altering, by the use of mechanical power, of a commodity,

(c) the ornamenting, by the use of mechanical power, of a commodity,

(d) the finishing, by the use of mechanical power, of a commodity,

(e) the adapting for sale, by the use of mechanical power, of a commodity.

Excepted commodities.

3.—(1) Wherever the Minister is of opinion that a particular commodity is either not being manufactured in the State or not being manufactured in the State to a substantial extent, he may by order declare that such commodity shall be an excepted commodity for the purposes of this Act.

(2) Where the Minister makes an order under subsection (1) of this section, then the word “commodity” shall, in section 2 of this Act and in any section of this Act subsequent to this section, be construed as excluding the commodity to which the order relates.

(3) Whenever the Minister makes an order under subsection (1) of this section, notice of the making of the order (which notice shall contain particulars of the commodity to which the order relates) shall be laid before each House of the Oireachtas as soon as may be after the order is made.

Excluded companies.

4.—(1) In this section, the expression “Stock Exchange” means a Stock Exchange, being—

(a) the Dublin Stock Exchange, or

(b) the Cork Stock Exchange.

(2) For the purposes of this Act, a company shall be an excluded company if and so long as it complies with the following conditions—

(a) that it is a public company limited by shares and is an Irish company,

(b) that it is managed and controlled in the State,

(c) that its Memorandum of Association and every prospectus issued by it after the date of the passing of this Act provide that the carrying on of a manufacturing process in relation to a commodity intended for export is a principal object,

(d) that, of each class of shares carrying voting rights issued by it, not less than fifty per cent. have been bona fide issued for public subscription in the State and have been made available primarily to Irish citizens or Irish companies which are managed and controlled in the State,

(e) that in respect of each of such class of shares a quotation has been granted by a Stock Exchange.

(3) Where a company which complies with the conditions set out in paragraphs (a), (b) and (c) of subsection (2) of this section applies to a Stock Exchange for a quotation in respect of any class of shares carrying voting rights issued by it, the following provisions shall apply—

(a) the company shall in its application state whether it does or does not claim that it has in respect of that class of shares complied with the condition set out in paragraph (d) of subsection (2) of this section,

(b) if the company so claims in its application, then—

(i) the company shall furnish to that Stock Exchange such information, in relation to that class of shares, as that Stock Exchange may require to enable it to determine whether such claim is or is not well-founded,

(ii) if the company fails to furnish that information or if that Stock Exchange is not satisfied that the claim is well-founded, it shall not grant a quotation in respect of that class of shares,

(iii) if that Stock Exchange grants a quotation in respect of that class of shares, the company shall, as regards that class of shares, be taken to have complied with the conditions set out in the said paragraph (d).

Amendment of section 9 of the Act of 1934.

5.—(1) It shall, notwithstanding anything in section 9 of the Act of 1934, be lawful for a company, which carries on a business by way of trade or for the purposes of gain, to carry on, in the course of or as part of such business, any manufacturing process if at the time of doing so (in this subsection referred to as the relevant time)—

(a) such company carries on business primarily for export and sales by it on the home market of each commodity in respect of which it carries on any manufacturing process are incidental only to its export trade in that commodity, or

(b) such company is an excluded company, or

(c) such company is the holder of a certificate of exemption granted under section 6 of this Act and such manufacturing process is carried on under the authority conferred by such certificate of exemption, or

(d) such company is a qualified company within the meaning of Part I of the First Schedule to this Act, or

(e) such business—

(i) was carried on continuously in the State between the 2nd day of July, 1934, and the relevant time, and

(ii) is, at the relevant time, a qualified business within the meaning of Part II of the First Schedule to this Act, or

(f) such business—

(i) was carried on continuously in the State between the 1st day of June, 1932, and the relevant time, and

(ii) is an exempted 1932 business in respect of the carrying on at the relevant time of such manufacturing process, within the meaning of the Second Schedule to this Act, or

(g) such company is the holder of a new manufacture licence granted (whether before or after the passing of this Act) under the Act of 1932, and such manufacturing process is carried on under the authority conferred by such new manufacture licence, or

(h) the fixed assets used in the business of such company do not exceed five thousand pounds in value, or

(i) such manufacturing process is carried on in the course of or as part of a business carried on by a receiver or manager appointed by a court in continuation of the business of a company which would, if such manufacturing process had been carried on immediately before such receiver or manager commenced to carry on such business, have been lawfully entitled, under any of the foregoing paragraphs of this subsection, to carry on such manufacturing process in the course of or as part of such business.

(2) (a) This subsection applies to a company which for the time being complies with the conditions set out in paragraph 2 of the First Schedule to this Act.

(b) Where a company to which this subsection applies sends to the Minister, before the appointed day, a statutory declaration, signed by all its directors, stating that on the 1st day of May, 1958 or within one year immediately preceding that date it carried on a particular manufacturing process in relation to a particular commodity, then, notwithstanding anything in section 9 of the Act of 1934, it shall be lawful for the company to continue, on and after the appointed day, to carry on such manufacturing process in relation to such commodity.

(3) Sales on the home market by a company, which carries on business primarily for export, of a commodity in respect of which it carries on any manufacturing process shall, for the purposes of paragraph (a) of subsection (1) of this section, be deemed to be incidental only to its export trade in that commodity, if, taking one year with another, not more than ten per cent. of the aggregate value of its total output is sold on the home market.

(4) Section 9 (which restricts the carrying on of manufactures) of the Act of 1934 is hereby amended in the following respects—

(a) references to a person shall be construed as references to a company and not to an individual,

(b) the reference, in subsection (1), to the doing of any of certain specified things shall be construed as a reference to carrying on any manufacturing process,

(c) in subsection (1), all words from the words “unless either” to the end of the subsection shall be deleted,

(d) subsections (2), (3) and (4) shall be deleted.

Certificates of exemption.

6.—(1) Where, in respect of any Irish company which is managed and controlled in the State and which carries on or intends to carry on a particular manufacturing process relating to a particular commodity, the Minister is satisfied that a main object of such company in doing so or intending to do so is to develop export trade, the Minister, on the application of such company, may, for the purpose of exempting it, in respect of the carrying on of such manufacturing process, from the operation of section 9 of the Act of 1934, as amended by section 5 of this Act, issue to it a certificate (in this Act referred to as a certificate of exemption) authorising it to carry on such manufacturing process.

(2) Where, in respect of an Irish company whose shares have been quoted on a Stock Exchange in the State for a period of not less than five years, the Minister is of opinion that the company is carrying on or proposes to carry on a particular manufacturing process relating to a particular commodity and that the purpose of the company, in doing so or intending to do so, is to develop an export trade, the Minister, on the application of such company, may, for the purpose of exempting it, in respect of the carrying on of such manufacturing process, from the operation of section 9 of the Act of 1934, as amended by section 5 of this Act, issue to it a certificate (in this Act referred to also as a certificate of exemption) authorising it to carry on such manufacturing process.

(3) Where the Minister grants under subsection (1) or (2) of this section a certificate of exemption to a company which proposes to carry on a particular manufacturing process relating to a particular commodity, such certificate shall be granted subject to the condition that such company shall before the expiration of such period, as the Minister thinks proper and specifies in such certificate, commence to carry on such manufacturing process.

(4) A certificate of exemption may relate to more than one manufacturing process and to more than one commodity.

(5) The Minister may at any time alter or revoke a certificate of exemption upon the application of the holder thereof, but not otherwise.

(6) Where a certificate of exemption authorises a company to carry on a particular manufacturing process relating to a particular commodity, and the ownership of business of that company, in so far as it relates to such manufacturing process, is transferred to another company, such other company may apply to the Minister to transfer such certificate to it, and thereupon the Minister shall, if he is of opinion that such transfer will result in the maintenance or development of the export trade in relation to that commodity, transfer such certificate accordingly, but if not of that opinion shall refuse to grant such application.

(7) A certificate of exemption authorising a company to carry on a particular manufacturing process relating to a particular commodity shall cease to be in force—

(a) if such company ceases to carry on such manufacturing process—on the date of such cesser, or

(b) if such certificate is revoked under subsection (5) of this section—on the date of such revocation,

(c) if, on any application being made for the transfer of such certificate, under subsection (6) of this section, such application is refused—on the date of such refusal,

(d) if such certificate was, in accordance with subsection (3) of this section, granted subject to the condition that such company shall commence, before the expiration of a specified period, to carry on such manufacturing process and such company has failed to comply with such condition—on the expiration of such period.

(8) (a) The Minister shall establish and maintain a register (in this subsection referred to as the register) of certificates of exemption granted under this section.

(b) There shall be entered in the register, in respect of each certificate of exemption granted, the following particulars—

(i) the name of the company to which such certificate was issued,

(ii) the commodity to which such certificate relates,

(iii) the manufacturing process authorised by such certificate to be carried on.

(c) The register shall be kept at the office of the Minister in Dublin and shall be there open to inspection by any interested person, on payment of one shilling, at such times as the Minister may direct.

Conditions of new manufacture licence.

7.—(1) Where the Minister grants a new manufacture licence, he may, in addition to any condition subject to which by virtue of paragraph (c) of subsection (2) of section 6 of the Act of 1932 such licence is to be granted, grant such licence subject to the condition that some of the things, the doing of which is authorised by such licence, shall not be done without his consent but this provision shall not authorise the Minister to add a condition to a new manufacture licence after it has been granted.

(2) Subsection (1) of this section shall be deemed to have come into operation on the date of the passing of the Act of 1932.

Amendments of section 14 of the Act of 1934.

8.—(1) The following new subsection shall be inserted in section 14 of the Act of 1934—

“(3Α) (a) The Minister may from time to time serve notice in writing on any body corporate requiring such body corporate within twenty-eight days after the service of the notice to furnish a return stating—

(i) the value on a specified date of the fixed assets then used in its business, and

(ii) the original cost of those fixed assets.

(b) A notice under paragraph (a) of this subsection may also require the body corporate on which the notice is served to include in the return to be made by it, particulars (including nil particulars) of the following—

(i) the amount of any grant made to it out of moneys provided by the Oireachtas or by any body established by or under any enactment,

(ii) the amount of its reserves in so far as they have been provided out of profits,

(iii) any amounts due by it in respect of hire-purchase agreements, within the meaning of the Hire Purchase Act, 1946 (No. 16 of 1946), covering periods of not more than five years,

(iv) the amount of any loans for the time being unpaid made to it in respect of which the Minister has given a guarantee,

(v) the amount of any loans for the time being unpaid made to it by Irish citizens, or bodies corporate which at the date of the return are exempted from the operation of section 9 of this Act, as amended by section 5 of the Industrial Development (Encouragement of External Investment) Act, 1958, by virtue of paragraph (d), (e) or (f) of subsection (1) of the said section 5,

(vi) the amount of any loans for the time being outstanding made to it by the Industrial Credit Company, Limited, or the payment of which has been guaranteed by that Company.

(c) A notice under paragraph (a) of this subsection may also require the return, which is to be made in pursuance of the notice, to be verified in such one or both of the following ways (as may be specified in the notice)—

(i) by a statutory declaration made by a person having personal knowledge of the facts,

(ii) by a certificate signed by such a person having personal knowledge of the facts.”.

(2) Paragraph (b) of subsection (3A) (being the subsection inserted by subsection (1) of this section) of section 14 of the Act of 1934 shall not come into operation until the appointed day.

(3) Section 14 of the Act of 1934 is hereby amended in the following respects—

(a) in subsection (2), the references to Saorstát Éireann shall be construed as references to the State;

(b) in subsections (4) and (8)—

(i) the references to a national of Saorstát Éireann shall be construed as references to a qualified (1932 Act) person, and

(ii) the references to a qualified person shall be construed as references to a qualified (1934 Act) person;

(c) in subsection (8) the references to place or places in Saorstát Éireann shall be construed as references to place or places in the State.

Cesser of power of making orders under section 17 of the Act of 1934.

9.—No order shall be made under section 17 of the Act of 1934 after the passing of this Act.

Restriction on institution of proceedings under section 9 of the Act of 1934.

10.—Where a company, which carries on any manufacturing process, applies to the High Court, on notice to the Minister, for a declaration that it is, at the time of making the application, lawfully carrying on that manufacturing process—

(a) the Minister shall not, during the period commencing on the date on which notice of the application was given to the Minister and ending six months after the determination of the application, institute proceedings under section 9 of the Act of 1934 in respect of an alleged contravention, as respects the carrying on by the company of that manufacturing process, of the said section 9;

(b) for the purposes of paragraph 4 of section 10 of the Petty Sessions (Ireland) Act, 1851, the said period shall not, as regards the institution of such proceedings, be taken into account in computing the six months mentioned in the said paragraph 4.

Non-application of the Act of 1932, the Act of 1934 and this Act.

11.—Neither the Act of 1932 nor the Act of 1934 nor this Act shall apply to—

(a) the process of milling wheat, or

(b) the adapting for sale at a mill of any product of wheat milled at such mill, or

(c) agriculture, or

(d) the altering by a retailer of any article intended to be sold retail by him, or

(e) the doing, under and in accordance with a licence granted under Part III of the Act of 1934, of anything authorised to be done under such licence in relation to any commodity which is for the time being a reserved commodity within the meaning of the said Part III, or

(f) the process of manufacturing cement which is Roman cement, Portland cement or other hydraulic cement, or the adapting for sale at a factory of any such cement manufactured at such factory, or

(g) any act or thing done by Comhlucht Siúicre Éireann, Teoranta, or

(h) any business which is carried on under and in accordance with a licence granted under Part VII of the Slaughter of Cattle and Sheep Act, 1934 (No. 42 of 1934).

Status of Ministers of State as shareholders.

12.—(1) Where a Minister of State holds in his Ministerial capacity any shares in an Irish company, then, as regards those shares, he shall, for the purposes of this Act, be deemed to be the beneficial owner thereof and also a qualified (1932 Act) person and a qualified (1934 Act) person.

(2) Where, at any time before the passing of this Act, a Minister of State held in his Ministerial capacity any shares in an Irish company, then, as regards those shares, he shall, for the purposes of this Act, be deemed to have been at that time the beneficial owner thereof and also a qualified (1932 Act) person and a qualified (1934 Act) person.

Repeals.

13.—The enactments mentioned in the Third Schedule to this Act are hereby repealed to the extent mentioned in the third column of the said Schedule.

Short title·

14.—This Act may be cited as the Industrial Development (Encouragement of External Investment) Act, 1958.

FIRST SCHEDULE.

Qualified Companies And Qualified Businesses.

Section 5(1) (d) and (e).

Part I.

Qualified Companies.

1. (1) A company shall, for the purposes of Part I of this Schedule (including subparagraph (2) of this paragraph), be at a particular time a qualified holding (A) company if it then complies with both the following conditions—

(a) its issued shares are then, to an extent exceeding one-half (in nominal value) thereof, in the beneficial ownership of persons who are then qualified (1934 Act) persons, and

(b) at least two-thirds (in nominal value) of every class of its issued shares carrying voting rights (whether immediate or to arise in certain future circumstances) are then in the beneficial ownership of persons who are then qualified (1934 Act) persons.

(2) A company shall, for the purposes of Part I of this Schedule, be at a particular time a qualified holding (B) company if it then complies with both the following conditions—

(a) its issued shares are then, to an extent exceeding one half (in nominal value) thereof, in the beneficial ownership of a person who is or two or more persons each of whom is then either a qualified (1934 Act) person or a company which is then a qualified holding (A) company, and

(b) at least two-thirds (in nominal value) of every class of its issued shares carrying voting rights (whether immediate or to arise in certain future circumstances) are then in the beneficial ownership of a person who is or two or more persons each of whom is then either a qualified (1934 Act) person or a company which is then a qualified holding (A) company.

2. Subject to paragraph 3 of this Schedule, a company shall, for the purposes of paragraph (d) of subsection (1) of section 5 of this Act, be at a particular time a qualified company if it then complies with all the following conditions—

(a) its issued shares are then to an extent exceeding one-half (in nominal value) thereof in the beneficial ownership of a person who is or two or more persons each of whom is then either a qualified (1934 Act) person or a company which is then a qualified holding (A) company or a qualified holding (B) company; and

(b) at least two-thirds in nominal value of each class of its issued shares carrying voting rights (whether immediate or to arise in certain future circumstances) are then in the beneficial ownership of a person who is or two or more persons each of whom is then either a qualified (1934 Act) person or a company which is then a qualified holding (A) company or a qualified holding (B) company; and

(c) the majority of its directors (other than a managing director who gives the whole of his time to his duties in that capacity and is not a qualified (1932 Act) person) consist of persons who are then qualified (1932 Act) persons.

3. (1) On and after the appointed day, a company shall not be, at a particular time, a qualified company for the purposes of paragraph (d) of subsection (1) of section 5 of this Act, unless, in addition to complying with all the conditions specified in paragraph 2 of this Schedule, its paid up share capital is then not less than half the following sum, namely, the then value of the fixed assets then used in its business or the original cost of those assets, whichever is the less, after deducting therefrom—

(a) the amount of any grant made to it out of moneys provided by the Oireachtas or by any body established by or under any enactment,

(b) the amount of its reserves in so far as they have been provided out of profits,

(c) any amounts due by it in respect of hire-purchase agreements, within the meaning of the Hire Purchase Act, 1946 (No. 16 of 1946), covering periods of not more than five years,

(d) the amount of any loans then outstanding made to it in respect of which the Minister has given a guarantee,

(e) the amount of any loans then outstanding made to it by Irish citizens or companies which are then exempted from the operation of section 9 of the Act of 1934, as amended by section 5 of this Act, by virtue of paragraph (d), (e) or (f) of subsection (1) of the said section 5, and

(f) the amount of any loans then outstanding made to it by the Industrial Credit Company, Limited, or the payment of which has been guaranteed by that Company.

(2) (a) Where—

(i) at a particular time any shares of a company are held by a company (in this clause referred to as the holding company) which is then a qualified holding (A) company or a qualified holding (B) company, and

(ii) those shares exceed in nominal value the then paid up share capital of the holding company,

then, for the purposes of subparagraph (1) of this paragraph, the excess shall be excluded in computing the then paid up share capital of the first mentioned company.

(b) Where—

(i) at a particular time any shares of a then qualified holding (B) company are held by a then qualified holding (A) company, and

(ii) those shares exceed in nominal value the then paid up share capital of that qualified holding (A) company,

then, for the purposes of clause (a) of this subparagraph, the excess shall be excluded in computing the paid up share capital of that qualified holding (B) company.

Part II.

Qualified Businesses.

4. A business shall, for the purposes of paragraph (e) of subsection (1) of section 5 of this Act, be at a particular time a qualified business if it then complies with both of the following conditions—

(a) it was on the 2nd day of July, 1934, owned by a company the issued shares of which were on the 2nd day of July, 1934, to an extent exceeding one-half (in nominal value) thereof in the beneficial ownership of a person who was or two or more persons each of whom was on the 2nd day of July, 1934, either a qualified (1932 Act) person or a company the issued shares of which were on the 2nd day of July, 1934, to an extent exceeding one-half (in nominal value) thereof in the beneficial ownership of persons who were on the 2nd day of July, 1934, qualified (1932 Act) persons, and

(b) it is then owned by a company the issued shares of which are then to an extent exceeding one-half (in nominal value) in the beneficial ownership of a person who is or two or more persons each of whom is then either a qualified (1932 Act) person or a company the issued shares of which are then to an extent exceeding one-half (in nominal value) thereof in the beneficial ownership of qualified (1932 Act) persons.

Part III.

Provisions supplementary to Parts I and II.

5. The provisions set out in the subsequent paragraphs of this Schedule shall apply for the purposes of Parts I and II of this Schedule.

6. Where an individual who is either a qualified (1932 Act) person or a qualified (1934 Act) person dies and is at the time of his death the beneficial owner of any shares in a company, the following provisions shall have effect—

(a) such shares shall, until the grant of probate of his will or letters of administration of his personal estate, be deemed to continue, in case he was a qualified (1932 Act) person, in the beneficial ownership of a qualified (1932 Act) person or, in case he was a qualified (1934 Act) person, in the beneficial ownership of a qualified (1934 Act) person,

(b) upon the said grant being made, the personal representative for the time being of such individual shall, so long as he is entitled to such shares in his representative capacity, be deemed—

(i) to be the beneficial owner of such shares, and

(ii) in case such individual was a qualified (1932 Act) person and such personal representative is not—to be a qualified (1932 Act) person,

(iii) in case such individual was a qualified (1934 Act) person and such personal representative is not—to be a qualified (1934 Act) person.

7. Where—

(a) an individual who is either a qualified (1932 Act) person or a qualified (1934 Act) person becomes a bankrupt or carries an arrangement with his creditors, and

(b) such individual was at the time of his bankruptcy or arrangement the beneficial owner of any shares in a company, and

(c) his interest in such shares becomes vested in his assignee in bankruptcy or a trustee of the estate of such individual, then, so long as1 such interest remains so vested,

the following provisions shall have effect—

(i) such shares shall be deemed to be in the beneficial ownership of such assignee or trustee,

(ii) in case such individual is a qualified (1932 Act) person and such assignee or trustee is not—such assignee or trustee shall be deemed to be a qualified (1932 Act) person,

(iii) in case such individual is a qualified (1934 Act) person and such assignee or trustee is not—such assignee or trustee shall be deemed to be a qualified (1934 Act) person.

8. (1) Where a person is for the time being entitled to the income arising from any shares in a company held by a trustee, such person shall, so long as he continues to be entitled to such income, be deemed to be the beneficial owner of such shares.

(2) Where two or more persons are each for the time being entitled to a proportionate part of the income arising from shares in a company or from such shares and other property held by a trustee, each of such persons, so long as he continues to be entitled to a proportion of such income shall be deemed to be the beneficial owner of a corresponding proportion of such shares.

9. Where the issued shares of a company are transferred to a bank, being a body corporate, by way of security for an advance, and such bank is registered as the owner of such shares in the register of shareholders of such company, such transfer and registration shall be deemed not to operate to transfer the ownership of such shares to such bank.

10. Whenever the issued shares of a company cease to be held in the manner stated in paragraph 2 or 4 of this Schedule, such shares shall, for the purposes of that paragraph, be deemed to continue to be held in accordance with that paragraph for a period of six months after they cease to be in fact so held.

SECOND SCHEDULE.

Exempted 1932 Business In Respect Of Carrying On A Particular Manufacturing Process.

Section 5 (1) (f).

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.

THIRD SCHEDULE.

Enactments Repealed.

Section 13.