(1) Section 55 of the Principal Act is hereby amended -
(a) by the substitution of the following subsection for subsection (3):
"(3) If an object exempted from tax by virtue of subsection (2) is sold within 6 years after the valuation date, and before the death of the donee or successor, the exemption referred to in subsection (2) shall cease to apply to such object:
Provided that, if the sale of such object is a sale by private treaty to the National Gallery of Ireland, the National Museum of Science and Art or any other similar national institution, any university in the State or any constituent college thereof, a local authority or the Friends of the National Collections of Ireland, the exemption referred to in subsection (2) shall continue to apply.",
(b) by the substitution of the following subsection for subsection (4):
"(4) The exemption referred to in subsection (2) shall cease to apply to an object, if at any time after the valuation date and -
(a) before the sale of the o
…