(1) For the purposes of this section and of the other provisions of the Corporation Tax Acts relating to expenses of management, "investment company" means any company whose business consists wholly or mainly of the making of investments, and the principal part of whose income is derived from the making of investments, but includes any savings bank or other bank for savings.
(2) In computing for the purposes of corporation tax the total profits for any accounting period of an investment company resident in the State -
(a) there shall be deducted any sums disbursed as expenses of management (including commissions) for that period, except any such expenses as are deductible in computing income for the purposes of Case V of Schedule D; but
(b) there shall be deducted from the amount treated as expenses of management the amount of any income derived from sources not charged to tax, other than franked investment income.
(3) Where in any accounting period of an investment company the expense
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