615. Company reconstruction or amalgamation: transfer of assets.

(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;

"trading stock" has the same meaning as in section 89.

(2)

(a) Subject to this section, where -

(i) any scheme of reconstruction or amalgamation involves the transfer of the whole or part of a company's business to another company,

(ii)

(I) the company acquiring the assets is resident in the State at the time of the acquisition, or the assets are chargeable assets in relation to that company immediately after that time, and

(II) the company from which the assets are acquired is resident in the State at the time of the acquisition, or the assets are chargeable assets in relation to that company immediately before that time,

(iii) the first-mentioned company receives no part of the consideration for the transfer (otherwise than by the other company taking over the whole or part of the liabilities of the business

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