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"affidavit for the Commissioner" means an affidavit in such form as may be prescribed by the Governor in Council verifying the particulars and value of the estate of a deceased person;
"applicable Schedule" in the case of persons dying before the 27th day of February, 1931, means the First Schedule, and in the case of persons dying thereafter but before the 1st day of July, 1936, means the Second Schedule, and in the case of persons dying on or after the lat day of July, 1936, but before the 1st day of April, 1941. means the Third Schedule, and in the case of persons dying on or after the 1st day of April, 1941. but before the 1st day of April, 1948, means the Fourth Schedule, and in the case of persons dying on or after the 1st day of April, 1948, but before the 1st day of February, 1959, means the Fifth Schedule, and in the case of persons dying on or after the 1st day of February, 1959, means the Sixth Schedule to this Ordinance:
"assets" includes goodwill;
"associated operations" means any two or more operations
of any kind being--
(a) operations which affect the same property, or one of which affects some property and the other or others of which affect property which represents, whether directly or indirectly, that property or income arising from that property, or any property representing accumulations of any such income; or (b) any two operations of which one is effected with reference to the other, or with a view to enabling it to be effected or to facilitating its being cffected, and any third operation having a like relation to either of those two, and any fourth operation having a like relation to any of those three, and
so on.
whether those operations are effected by the same person or by different persons, whether they are con- nected otherwise than as aforesaid or not, and whether they are contemporaneous or any of them precedes or follows any other;
"average rate" means, in relation to a company, a rate per
cent per annum, the percentage being ascertained by- (a) computing the aggregate amount of the net profits of the company for the relevant accounting years,
a deduction being made, where the company sustained a loss in any of those years, of the amount of the loss:
(b) dividing that amount by the number of those years;
and
(c) comparing the result with the principal value of the assets of the company passing on the death of the deceased by virtue of section 32 after making the allowances to be made under section 36;
“Commissioner" means such person as the Governor may appoint as Commissioner for the purpose of this Ordinance, and includes any person appointed by the Governor to be deputy Commissioner of estate duty; "company" includes any body corporate, wheresoever
incorporated;
“debenture" means, in relation to a company, any obliga- tion of the company in respect of any loan capital issued by the company otherwise than as consideration for a loan made to it in the ordinary course of banking business, or in respect of any debt incurred by the company-
(a) for any money borrowed by the company, other- wise than by way of temporary loan made in the ordinary course of a banking business;
(6) for any transfer of capital assets made to the com- pany by any person, unless the obligation is one resulting from a dealing with a person who transferred such assets to the company in, and on terms consistent with, the ordinary course of a business carried on by him;
(c) without consideration, or for consideration the value of which to the company at the time when the debt was incurred was substantially less than the value at that time of the debt, including any premium thereon; or
(d) where the debt was of such a nature that it would inure the ordinary course of business and apart from some special arrangement, have carried interest, if the debt did not carry interest or carried interest at a rate which was either un- reasonably high or unreasonably low;
"disposition" includes any trust, covenant, agreement or arrangement, whether made by a single operation or by associated operations, and also, in relation to shares