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Disposition by or to a company.
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34.—(1) For the purposes of this Act—
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(a) consideration paid by, or a disposition made by, a company shall be deemed to be consideration, or a disposition, as the case may be, paid or made; and
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(b) consideration, or a gift, or an inheritance taken by a company shall be deemed to be consideration, or a gift or an inheritance, as the case may be, taken,
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by the beneficial owners of the shares in the company and the beneficial owners of the entitlements under any liability incurred by the company (otherwise than for the purposes of the business of the company, wholly and exclusively) in the same proportions as the amounts which would be payable to them if the company were wound up voluntarily and its assets were realised on the date of the payment, disposition, gift or inheritance, as the case may be, would bear to each other (the amount of any realisation being ascertained for this purpose in accordance with section 17 as if the date of the payment, disposition, gift or inheritance were the date of such realisation).
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(2) In this section, “company” means a private company within the meaning of section 16 (2).
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(3) For the purposes of subsection (1) all acts, omissions and receipts of the company shall be deemed to be those of the beneficial owners of the shares and entitlements, referred to in subsection (1), in the company, in the proportions mentioned in that subsection.
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(4) Where the beneficial owner of any shares in a company or of any entitlement of the kind referred to in subsection (1), is itself a company, the beneficial owners of the shares and entitlements, referred to in subsection (1), in the latter company, shall be deemed to be the beneficial owners of the latter company's shares and entitlements in the former company, in the proportions in which they are the beneficial owners of the shares and entitlements in the latter company.
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(5) So far as the shares and entitlements referred to in subsection (1) are held in trust and have no ascertainable beneficial owners, consideration paid, or a disposition made, by the company shall be deemed to be paid or made by the disponer who made the disposition under which the shares and entitlements are so held in trust.
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