Income Tax Act, 1967.
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Restriction of section 329. |
330.—(1) In this section— | |
“qualified person” means a person who is a citizen of Ireland, and | ||
“qualified holding company” means a company of which— | ||
(i) the issued shares are, to an extent exceeding one-half (in nominal value) thereof in the beneficial ownership of a qualified person or persons, and | ||
(ii) at least two-thirds (in nominal value) of every class of shares issued and carrying voting rights (whether immediate or to arise in certain future circumstances) are in the beneficial ownership of a qualified person or persons. | ||
(2) Section 329 shall not apply to any stock, share, or security issued after the 30th day of July, 1935, unless the certificate of the Minister for Finance under subsection (2) of that section certifies that (in addition to the conditions set out in the said subsection (2)) the following conditions are complied with in relation to such stock, share, or security, that is to say that such stock, share, or security is or was issued by a company of which— | ||
(a) a majority of the directors (other than a managing director giving the whole of his time to his duties as such director) are qualified persons, and | ||
(b) unless the company is a company licensed under the Insurance Act, 1936 , to carry on assurance business, the issued shares are, to an extent exceeding one-half (in nominal value) thereof in the beneficial ownership of a person who is, or of two or more persons each of whom is, either a qualified person or a qualified holding company, and | ||
(c) at least two-thirds (in nominal value) of every class of shares issued and carrying voting rights (whether immediate or to arise in certain future circumstances) are in the beneficial ownership of a person who is, or of two or more persons each of whom is, either a qualified person or a qualified holding company. | ||
(3) Without prejudice to the provisions of section 329 (4) any stock, share, or security issued after the 30th day of July, 1935, to which section 329 applies shall cease to be a stock, share, or security (as the case may be) to which that section applies if and when the Minister for Finance certifies in relation to such stock, share, or security that he is satisfied, after consultation with the Minister for Industry and Commerce, that the company by which such stock, share, or security was issued has ceased to comply with the conditions set out in subsection (2) of this section. |