(1) In this section -
'the subsidiary' and 'the chargeable company' have the same meanings, respectively, assigned to them by 625(1);
'the new definition' means section 616 as amended by section 56 of the Finance Act, 1999, and 'the old definition' means that section as it had effect on the 10th day of February, 1999.
(2) Where -
(a) on the 11th day of February, 1999, the subsidiary company ceases, for the purposes of section 616 and the provisions of this Part subsequent to that section, to be a member of a group by reason only of the substitution for the old definition of the new definition, and
(b) in consequence of ceasing to be such a member the chargeable company would, apart from this section, be treated by virtue of section 625(2) as selling shares in the subsidiary at any time,
the chargeable company shall not be treated as selling the shares at that time unless the conditions in subsection (3) become satisfied assuming for that purpose that the old definition applies.
(3) The
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