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Exemption of certain securities from tax.
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474.—(1) This section applies to any stock or other security on which interest is payable without deduction of income tax by virtue of a direction given by the Minister for Finance in pursuance of section 467, 471, 472 or 473.
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(2) Any stock or other security to which this section applies may be issued with either or both of the following conditions:
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(a) that neither the capital of nor the interest on the stock or other security shall be liable to tax so long as it is shown in the manner directed by the Minister for Finance that the stock or other security is in the beneficial ownership of persons who are neither domiciled nor ordinarily resident in the State,
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(b) that the interest on the stock or other security shall not be liable to income tax so long as it is shown in the manner directed by the Minister for Finance that the stock or other security is in the beneficial ownership of persons who, though domiciled in the State, are not ordinarily resident therein,
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and, as respects every such stock or other security issued as aforesaid, exemption from tax shall be granted accordingly.
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