Section 831 of the Principal Act is hereby amended -
(a) in subsection (1)(a) by the substitution for the definition of "parent company" of the following definitions:
"'parent company' means a company (referred to in this definition as the 'first-mentioned company') being -
(i) a company resident in the State which owns at least 25 per cent of the share capital of another company which is not so resident, or
(ii) a company not resident in the State which owns at least 25 per cent of the share capital of another company which is resident in the State,
but where a bilateral agreement contains a provision to the effect -
(I) that a company shall only be a parent company during any uninterrupted period of at least 2 years throughout which at least 25 per cent of the share capital of the other company is owned by the first-mentioned company, or
(II) that -
(A) the requirement (being the requirement for the purposes of this definition) that a company own at least 25 per cent of the share cap
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