Section 22 - Amendment of Act 7 of 1964 - Finance Act, 1973

Surtax 22. Amendment of Act 7 of 1964 In the Companies (Profits) Surtax Act, 1964, with effect from the 1st day of April, 1974, - (a) in then 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 an 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 or reduction of paid-up share capital or redemption of such debentures shall be substituted.