CO129-595-3 Proposed introduction of income tax 12-12-1946 - 26-1-1947 — Page 54

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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