1964_INLAND_REVENUE_ORDINANCE — Page 96

1989 Ed.]

Inland Revenue

[CAP. 112

95

(iii) a partnership in which the person holding such rights is a partner;

(iv) any corporation controlled by the person holding such rights, by a partner of the person holding such rights or by a partnership in which the person holding such rights is a partner;

(v) any director or principal officer of any such corporation as is referred to in subparagraph (iv);

(b) where the person holding such rights is a corporation-

(i) any associated corporation;

(ii) any person who controls the corporation and any partner of such person, and, where either such person is a natural person, any relative of such person;

(iii) any director or principal officer of that corporation or of any associated corporation and any relative of any such director or officer:

(iv) any partner of the corporation and, where such partner is a natural person, any relative of such partner;

(c) where the person holding such rights is a partnership-

(i) any member of the partnership and, where such member is a natural person, any relative of such member;

(ii) any partner of the partnership and, where such partner is a natural person, any relative of such partner and, where such partner is a partnership, any relative of any member of that partnership who is a natural person;

(iii) any corporation controlled by the partnership or by any partner thereof or, where such a partner is a natural person, any relative of such partner;

(iv) any corporation of which any partner is a director or principal officer;

(v) any director or principal officer of a corporation referred to in subparagraph (iii);

"associated corporation" means--

(a) a corporation over which the person holding rights under any lease of machinery or plant has control;

(b) a corporation which has control over such person holding rights, being a corporation;

(c) a corporation which is under the control of the same person as such person holding rights, being a corporation;

"beneficiary under the trust" means, where the trustee holds machinery or plant on behalf of a beneficiary who is himself a trustee in respect of that machinery or plant, the beneficiary for whom such machinery or plant is ultimately held, being the person who has the use of, or the right to use, such machinery or plant for his own benefit;