1964_INLAND_REVENUE_ORDINANCE — Page 14

1989 Ed.]

Inland Revenue

[CAP. 112

13

"associated corporation", in relation to a bank or deposit-taking company,

means-

(a) a corporation over which the bank or deposit-taking company

has control;

(b) a corporation which has control over the bank or deposit-taking

company; or

(c) a corporation which is under the control of the same person as is

the bank or deposit-taking company;

"control", in relation to a corporation, means the power of a person to secure-

(a) by means of the holding of shares or the possession of voting

power in or in relation to that or any other corporation; or

A

(b) by virtue of any powers conferred by the articles of association or

other document regulating that or any other corporation, that the affairs of the first-mentioned corporation are conducted in accordance with the wishes of that person.

(Added 73 of 1978 s. 2)

3.

Establishment of Board of Inland Revenue.

Power of Governor to appoint a

Commissioner and other officers

(1) (a) There shall be a Board of Inland Revenue composed of the Financial Secretary and 4 other members appointed by the Governor, of whom not more than one shall be an official in the employment of the Government. A member so appointed shall hold office until he shall resign or be removed from office by the Governor.

(aa) The Board of Inland Revenue shall have a secretary who shall be

the deputy commissioner. (Added 8 of 1983 s. 3)

(b) 3 members of the Board of Inland Revenue shall form a quorum for the transaction of business and when the Financial Secretary is present he shall be the chairman.

(c) All matters coming before the Board of Inland Revenue shall be decided by a majority of votes, and in the case of an equality of votes the chairman or presiding member shall have a second or a casting vote.

(d) The Board of Inland Revenue may transact any of its business by the circulation of papers without meeting; and a resolution signed by a majority of the members shall be as valid and effective as if it had been passed at a meeting by the votes of the members so signing. (Added 8 of 1983 s. 3)

(2) For the purposes of this Ordinance, the Governor may appoint a Commissioner, a deputy commissioner, assistant commissioners, assessors and inspectors. (Amended 36 of 1955 s. 4)

J

!

i

1

!

i

!

J

1

¦

!

!

i

:

!

J

f

:

¦

1

j

!