Finance Act, 1961

Extension of application of section 42 of Finance Act, 1920.

32.—(1) (a) In this section—

“stock” means any stock or security issued or made by or on behalf of a company incorporated under the Companies Acts, 1908 to 1959, and quoted on a Stock Exchange in the State;

“dealing company” means a body corporate which is for the time being recognised by the Minister for Finance as dealing in stocks for the purpose of facilitating activity in the market for stocks.

(b) A recognition granted to a body corporate for the purposes of this section by the Minister for Finance may be withdrawn at any time by that Minister.

(2) Where a dealing company purchases stock through a member of a Stock Exchange in the State and the purchase is effected in the course of dealing for the purpose of facilitating activity in the market for stocks, subsections (1) and (2) of section 42 of the Finance Act, 1920 , shall apply to the relevant transfer subject to the substitution of “four months” for “two months” in paragraph (a) and paragraph (b) of subsection (2), and for that purpose—

(i) for each reference in the subsections to a dealer, there shall be substituted a reference to the dealing company, and

(ii) for the reference in the proviso to subsection (1) to a transaction carried out by the dealer in the ordinary course of his business as such dealer, there shall be substituted a reference to a transaction carried out by the dealing company for the purpose of facilitating activity in the market for stocks.