OpenLegislation

Paragraph 2

Original text. Later amendments are not shown.

In Part II—

(a)

any asset which arises from the activity of a subsidiary undertaking and would, were the subsidiary undertaking the society, be a commercial asset, shall (subject to subparagraph (b)) be treated as a commercial asset, but

(b)

assets to which section 17(6) of the Act would apply by the operation of subparagraph (a) shall be treated as tangible fixed assets and not as commercial assets.