1964_ESTATE_DUTY_ORDINANCE — Page 44

1983 Ed.]

Estate Duty

[CAP. 111

43

accounts of the company were made up beneficially held by, the public (not including a company to which the provisions of this section apply), and any such shares were in the course of such year or other period the subject of dealings on a stock exchange approved or deemed to have been approved under section 25 of the Securities Ordinance (Cap. 333.) and the shares were quoted in any list of such exchange- ( Amended, 12 of 1974, s. 150)

(6) For the purpose of this section and in relation to any body corporate incorporated outside the Colony-

thong ting

(a) references to winding-up shall incude references to the dissolution or cancellation of the registry of the body corporate in any manner authorized by any rules, regula- tions or other instrument constituting or regulating the body corpoate or any enactment applying to the body corporate; and

(b) references to an order or resolution for winding-up shall include references to the signing of any instrument, the making of any application or the doing of any other act which is authorized as aforesaid with a view to dissolving. or cancelling the registry of, the body corporate; and

(c) references to the liquidator shall include references to any person in charge of the winding-up of the affairs of the body corporate.

(7) In this section-

“loan creditor” means a creditor in respect of any debt incurred by

the company-

(a) for any money borrowed or capital assets acquired by the

company; or

(b) for any right to receive income created in favour of the

company; or

(c) for consideration the value of which to the company was, at the time when the debt was incurred, substantially less than the amount of the debt including any premium thereon,

or in respect of any redeemable loan capital issued by the company:

1936 c. 34, s. 19(3) and 1940 c. 29. 5. 5801000).

31,90,10

1936 c. 34. s. 2007).

Provided that a bank licensed to carry on banking business 4 Setan 16 of the

under section-7 of the Banking Ordinance, shall not be deemed to be a loan creditor in respect of any loan capital or debt issued or incurred by the company for money lent by such bank to the company in the ordinary course of the bank's business;

“member" includes any person having a share or interest in the

capital or profits of a company;

"relative" has the meaning attributed thereto in section 7; and

(Cap. 155.)

"Banking Ordinance

1ofst.. 27efre.1.137

1922 c. 17, s. 2007).