Amendment of Act 7 of 1958

Section 22 of the Finance Act, 1973 deals with amendment of Act 7 of 1958. Surtax Amendment of Act 7 of 1958 22. In the Companies (Profits) Surtax Act, 1964, With effect from the 1st day of April, 1974,— (a) in the First Schedule, in clause (i) of rule 3, for the words “its debentures”, the words, brackets, and figures "the debentures referred to in clause (iv)," shall be The Act was enacted on 11 May 1973.

Surtax

Amendment of Act 7 of 1958

22. In the Companies (Profits) Surtax Act, 1964, With effect from the 1st day of April, 1974,—

(a) in the First Schedule, in clause (i) of rule 3, for the words “its debentures”, the words, brackets, and figures "the debentures referred to in clause (iv)," shall be substituted;

(b) in the Second Schedule,—

(i) in rule 1, for clause (iv), the following clause shall be substituted, namely:—

“(iv) the debentures, if any, issued by it to the public:

Provided that according to the terms and conditions of issue of such debentures, they are not redeemable before the expiry of. a period of seven years from the date of issue thereof; and”;

(ii) in rule 3, for the words, brackets and figures "issue of debentures or borrowing of any moneys referred to in clause (v) of rule 1 or is reduced by any amount on account of reduction of paid-up share capital or redemption of any, debentures", the words, brackets and figures “issue of the debentures referred to in clause (iv), or borrowing of any moneys referred to in clause (v), of rule 1 or is reduced by any amount on account of reduction of paid-up share capital or redemption of such debentures” shall be substituted.

[Finance Act, 1973]

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Section 22, The Finance Act, 1973 (Act 21 of 1973).