(1) Stamp duty shall not be chargeable under or by reference to the following headings in Schedule 1 -
(a) "Conveyance or Transfer on sale of any stocks or marketable securities",
(b) "Conveyance or Transfer on sale of a policy of insurance or a policy of life insurance where the risk to which the policy relates is located in the State", or
(c) "Conveyance or Transfer on sale of any property other than stocks or marketable securities or a policy of insurance or a policy of life insurance",
on any instrument to which this section applies.
(2) [deleted]
(3) This section applies to any instrument as respects which the effect of the instrument was to convey or transfer a beneficial interest in property from one body corporate to another, and that at the time of the execution of the instrument the bodies in question were associated, that is, one was the beneficial owner of not less than 90 per cent of the ordinary share capital of the other, or a third such body was the beneficial owner of
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