CHAPTER 75:01 - Inland Revenue Division

Income Tax Act Mac 1
Vol. 1
Companies Ordinance, by means of a prospectus where the issue of such
securities had been approved by the Minister after being satisfied -
Ch.31 No.1
(a) as to the period within which and the price at which such
securities may be converted into shares of the company;
(b) as to the rate of interest payable on such securities;
(c) as to the total value of such securities in relation to the issued
share capital of the company;
(d) as to the absence of any control by the company over the
transfer ability of such securities;
(e) that in the issue of such securities preference was given to
citizens of Trinidad and Tobago and to bodies of persons
established in Trinidad and Tobago; and
(f) of such other matters as he thinks fit.
79 (3) Notwithstanding subsection (2), any interest paid during the period
commencing on the 1st day of January 1971 and ending on the 31st day of
December 1973, on securities referred to in that subsection, shall be
deemed to be a distribution for the purposes of the dividend income
allowance provided by section 56.
(4) In sub-paragraph (1)(d)(iv), a body corporate shall be deemed to be a
subsidiary of any other body corporate if and so long as not less than half
its share capital of all classes of stock, or half of the total combined voting
power in respect of all classes of that stock is owned by that other body
corporate, whether directly or through any other body corporate, or other
bodies corporate, or partly through any other body corporate or other
bodies corporate.
(5) Where on a transfer of assets or liabilities by a company to its
members or to a company by its members the amount or value of the
benefit received by a member (taken according to its market value)
exceeds the amount or value (so taken) of any new consideration given by
him, the company shall be treated as making a distribution to him of an
amount equal to the difference.
(6) Where, after the first day of January 1966 a company -
(a) repays any share capital, or has done so at any time after the
commencement of the accounting period for the year of income
1966; and
79 BIR Note: Effective 1st January 1971.
BIR Mac Edition 91/01 Page 80