(1) For the purposes of the Corporation Tax Acts, "close company" means a company under the control of 5 or fewer participators, or of participators who are directors, but does not include -
(a) a company not resident in the State,
(b) a registered industrial and provident society, being a society within the meaning of section 698,
(c) a building society within the meaning of section 702,
(d) a company controlled by or on behalf of the State and not otherwise a close company,
(da) a company controlled by or on behalf of -
(i) a Member State of the European Communities (other than the State) or,
(ii) the government of a territory, with which government, arrangements having the force of law by virtue of section 826(1) have been made,
and which company is not otherwise a close company, or
(e) a company within subsection (4) or section 431.
(2) For the purposes of this section -
(a) a company shall be treated as controlled by or on behalf of the State only if it is under the control of the
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