(1) The Principal Act is amended by inserting the following after section 308:

"308A.

(1) In this section 'scheme of reconstruction or amalgamation' means a scheme for the reconstruction of any company or companies or the amalgamation of any 2 or more companies.

(2) Where -

(a) any scheme of reconstruction or amalgamation involves the transfer of the whole or part of the trade of a company (in this section referred to as the 'transferring company') to another company (in this section referred to as the ' acquiring company'),

(b)

(i) the acquiring company is resident in the State at the time of the transfer, or the acquiring company uses the assets of the transferred trade for the purposes of a trade carried on by it in the State through a branch or agency immediately after that time, and

(ii) the transferring company is resident in the State at the time of the transfer, or the trade was carried on by it in the State through a branch or agency immediately before that time,

and

(c) the transferring company receives no part of the consideration for the transfer (otherwise than by the acquiring company taking over the whole or part of the liabilities of the trade),

then, subject to subsection (4), subsection (3) shall apply in relation to the assets of the trade transferred by the transferring company.