SECTION PART I.- PRELIMINARY 1. Short title 2 ... - Lexadin

(a) if as respects the trade or business previously carried on in
Nigeria by the foreign company the first sale of or bulk disposal
of chargeable oil by or on behalf of the foreign company has
occurred on or before the date on which the reconstituted
company is incorporated-
(i) the first accounting period of the reconstituted
company shall be the period of twelve months
commencing on the date on which that company is
incorporated, or commencing on such date within the
calendar month in which the company is incorporated as
may be selected by the company with the approval of the
Board, and
(ii) for the purposes of subsection (2)(a)(i) of this section,
an accounting period as respects the reconstituted
company shall be a period of twelve months commencing
on the date on which that company is incorporated, or
commencing on such date within the calendar month in
which the reconstituted company is incorporated as may
be selected by the company with the approval of the
Board, and the definition of "accounting period" in
section 2(a) of this Act shall be construed accordingly,
but without prejudice to the continued application in
respect of the reconstituted company of the provisions of
paragraphs (b), (c) and (d) of that definition;
(b) for the purposes of the Second Schedule to this Act, the
assets so vested in the reconstituted company shall be deemed to
have been sold to it, on the day of its incorporation, for an
amount equal to the residue of the qualifying expenditure
thereon on the day following the day on which the trade or
business previously carried on in Nigeria by the foreign
company ceased;
(c) the reconstituted company shall not be entitled to any initial
allowances as respects those assets, and shall be deemed to have
received all allowances given to the foreign company in respect
of those assets under the Second Schedule and any allowances
deemed to have been received by the foreign company under the
provisions of this paragraph or section 15 of this Act; and
(d) the amount of any loss incurred during any accounting period
by the foreign company in the said trade or business previously
carried on by it in Nigeria, being a loss which has not been
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