Div 16K inserted by No 58 of 1990.
SECTION 159GZZZP PART OF OFF-MARKET PURCHASE PRICE IS A DIVIDEND
Where purchase price treated as dividend]
(i) the company's share capital account if it is a share that is bought back; or
(ii) the company's share capital account or non-share capital account if it is a non-share equity interest that is bought back;
is taken to be a dividend paid by the company:
(c) to the seller as a shareholder in the company; and
(d) out of profits derived by the company; and
(e) on the day the buy-back occurs.
S 159GZZZP(1) amended by No 163 of 2001, No 63 of 1998 and No 31 of 1996.
Capital gain not reduced]
S 159GZZZP(1A) amended by No 46 of 1998 and inserted by No 31 of 1996.
Purchase price not dividend]
S 159GZZZP inserted by No 58 of 1990.