S.L. 123.140 Art. 2Ruling.

The Commissioner shall, on the application of any one or more company involved in a merger, demerger, division, amalgamation or reorganisation (hereinafter referred to as a merger or division), notify his ruling in respect of any transaction or transactions carried out in the course of the merger or division or resulting therefrom that:

(a) the provisions of articles 4, 5(1)(a)(iv), 5A(12A) and 51 of the Income Tax Act shall not apply to that transaction or transactions;

(b) the transaction or transactions qualify for tax relief under the provisions of articles 5(9), 5(14) and 5A(4)(f) of the Income Tax Act notwithstanding that the conditions laid down in the said articles or rules regulating the said articles, are not satisfied;

(c) the provisions of article 3(3) and (4) of the Duty on Documents and Transfers Act shall not apply to that transaction or transactions;

(d) the transaction or transactions qualify for duty relief under the provisions of articles 32(6), 41A, and the provisos to article 42(1) of the Duty on Documents and Transfers Act notwithstanding that the conditions laid down in the said articles or rules regulating the said articles, are not satisfied: Provided that the Commissioner is, in his absolute discretion, satisfied that the transaction or transactions are to be effected for reasons and do not form part of a scheme or bona fide arrangements of which the main purpose, or one of the main purposes is avoidance of liability to duty or tax.