Schedule 12 to the Taxes Consolidation Act, 1997, is amended -
(a) in paragraph 6 by the insertion after subparagraph (2) of the following subparagraph:
"(3) Nothing in subparagraph (2) shall prohibit a company into which a trustee savings bank has been reorganised under section 57 of the Trustee Savings Banks Act, 1989, from establishing the trust at a time when the company is controlled by another company.",
and
(b) in paragraph 14 by the substitution for subparagraph (5) of the following subparagraph:
"(5) The trust deed shall provide that shares in the founding company may not be acquired by the trustees at a time when that company is controlled by another company, other than where the founding company is a company into which a trustee savings bank has been reorganised under section 57 of the Trustee Savings Banks Act, 1989.".