S 46H repealed by
No 79 of 2007
, s 3 and Sch 6 item 1, applicable in relation to distributions made on or after 1 July 2004. S 46H formerly read:
SECTION 46H MEANING OF
DISQUALIFYING ACCOUNT
AND
NON-DISQUALIFYING ACCOUNT
46H(1)
Disqualifying account.
Each of the following is a
disqualifying account
of a company:
(a)
a share capital account;
(b)
an account consisting of shareholders
'
capital (as defined in section 61 of the
Life Insurance Act 1995
) in relation to a statutory fund of a life company (both within the meaning of that Act);
(c)
(Repealed by No 63 of 1998)
(d)
a reserve to the extent that it consists of profits from the revaluation of assets of the company that:
(i)
have not been disposed of by the company; and
(ii)
if the company is a life company within the meaning of the
Life Insurance Act 1995
-
are not assets of a statutory fund (within the meaning of that Act) of the company.
History
S 46H(1) amended by No 63 of 1998.
46H(2)
(Repealed by No 63 of 1998)
46H(3)
Non-disqualifying account.
Each account or reserve of a company that is not a disqualifying account is a
non-disqualifying account
of the company.
S 46H inserted by No 170 of 1995.
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