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the change, and signed by all of them or, in the case of a deceased
Assessor person, by his legal representative, and received by the Examiner
Assessor within twelve months after the change took place, the framiner may
compute the profits for any year of assessment as if the trade,
profession or businesshad been discontinued at the date of the change
and a new trade, profession or business had been then set up and
commenced.
(4) Tax upon the partnership shall be recoverable by all meana
provided in this Ordinance out of the assets of the partnership,
from any partner, or from the Manager or Agent of the partnership in
the Colony, and in the case of an assessment made in accordance with
sub-section (3) notwithstanding a change in the partnership shall
be recoverable if necessary from any person who quitted the partnership
at the change or from the estate of any such person deceased,
(5) Tax may be assessed on the profits of a partnership notwith-
standing the cessation or dissolution of such partnership and shall be
recoverable from the former partners and from the assets of the
partnership at the time of its cessation.
24. (1) The profits of a company, whether mutual or proprietary,
the business of life insurance shall be the investment income of the
Life Insurance Fund less the management expenses (including commission)
attributable to that business:
Provided that where such a company transacts life insurance
business both in the Colony, whether directly or through an agent, and
elsewhere, the profits from business in the Colony shall be deemed to
be the same proportion of the total investment income of the Life
Insurance Fund of the company as the premiums from life insurance
business in the Colony bear to the total life insurance premiums
received by it, subject to a deduction of agency expenses in the Colony
(including commission) and a fair proportion of the expenses of the
head office of the company, due account being taken in each case by
set-off against such expenses of any income or profits other than life
insurance premium or investment income.
(2) The profits of a company, whether mutual or proprietary, from
/the