Turf Development Act, 1946

SCHEDULE.

Transitory Provisions in Relation to Dissolved Company.

Continuance of dissolved company for certain purposes.

1. For the purposes of this Schedule but not further or otherwise, the dissolved company shall be deemed to continue in existence on and after the establishment date.

Transfer of stocks, shares and securities.

2. The dissolved company shall, at the request of the Board, execute all such instruments and do all such acts as may be necessary to enable the Board to have transferred into its name any stocks, shares or securities held by the dissolved company immediately before the establishment date and for this purpose the persons who are immediately before the establishment date the directors of the dissolved company shall be deemed to continue in office.

Provisions in relation to income tax chargeable on the dissolved company.

3.—(1) In this paragraph the expression “the appointed date” means—

(a) in case the establishment date falls on the 5th day of April, the establishment date;

(b) in any other case, the 5th day of April next following the establishment date.

(2) The dissolved company shall, on and after the establishment date, continue to be liable under the Income Tax Acts to prepare and deliver any statement, return or particulars required for the purposes of those Acts for any year of assessment ending on or before the appointed date.

(3) Assessments to income tax for any year of assessment ending on or before the appointed date may be made on the dissolved company on or after the establishment date, and income tax in respect of any such assessment so made, which shall become final and conclusive, shall, when it becomes due and payable, be deemed to have become due and payable before the establishment date.

(4) For the purposes of subparagraphs (2) and (3) of this paragraph, the chief officer of the Board or other officer performing the duties of chief officer of the Board shall be deemed to be secretary of the dissolved company or other officer performing the duties of secretary of the dissolved company.

Provisions in relation to corporation profits tax chargeable on the dissolved company.

4.—(1) In this paragraph the expression “the appointed date” means—

(a) in case the establishment date falls on the 31st day of March, the establishment date,

(b) in any other case, the 31st day of March next following the establishment date.

(2) The dissolved company shall, on and after the establishment date, continue to be liable under the enactments relating to corporation profits tax to prepare and deliver any statement, return or particulars required for the purposes of those enactments for any accounting period ending on or before the appointed date.

(3) Assessments to corporation profits tax for any accounting period ending on or before the appointed date may be made on or after the establishment date on the dissolved company and corporation profits tax in respect of any such assessment so made, which shall have become final and conclusive, shall, when it becomes due and payable, be deemed to have become due and payable before the establishment date.

(4) For the purposes of subparagraphs (2) and (3) of this paragraph, the chief officer of the Board or other officer performing the duties of chief officer of the board shall be deemed to be secretary of the dissolved company or other officer performing the duties of secretary of the dissolved company.

(5) In this paragraph references to corporation profits tax shall be construed as including references to excess corporation profits tax.