Page:Mass Transit Railway Ordinance (Cap. 556).pdf/33

MASS TRANSIT RAILWAY ORDINANCE

(5) Section 122(1) of the Companies Ordinance (Cap. 32) applies to and in relation to the Corporation as if reference in that subsection to the period since the incorporation of the company was a reference to the period beginning immediately after the last complete financial year of MTRC.

44. Distribution of dividend

For the purpose of any distribution to which Part IIA of the Companies Ordinance (Cap. 32) applies and which is made by the Corporation during the financial year of the Corporation which includes the appointed day or at any time before any accounts are laid or filed in respect of that year—
 * (a) sections 79F to 79L of that Ordinance have effect as if—
 * (i) reference in those sections to the company’s accounts is a reference to the accounts of MTRC; and
 * (ii) reference in those sections to the company’s last annual accounts or to the initial accounts of the company is a reference to the accounts of MTRC prepared in accordance with section 16 of the repealed Ordinance in respect of the last complete financial year of MTRC;
 * (b) the accounts of MTRC mentioned in paragraph (a)(ii) are regarded as satisfying the requirements of sections 79G and 79I of that Ordinance.

Taxation and revenue matters 45. Taxation

(1) For the purposes of the Inland Revenue Ordinance (Cap. 112), on and from the appointed day the Corporation is treated as if it were the continuation of and the same person in law as MTRC.

(2) Accordingly (and without affecting the generality of subsection (1))—
 * (a) a vesting in the Corporation of any property, right or liability by virtue of this Part does not constitute a sale or other disposal of or a change in the nature of that property, right or liability for any purpose under the Inland Revenue Ordinance (Cap. 112);
 * (b) the aggregate amount of any losses sustained by MTRC which are capable of but have not been carried forward and set off against assessable profits of MTRC for the purposes of section 19C of the Inland Revenue Ordinance (Cap. 112) as at the end of the last complete financial year of MTRC are deemed to be losses of the Corporation and, accordingly, available for set off against the assessable profits of the Corporation (or the Corporation’s share of assessable profits of a partnership in which it is a partner) for the purposes of that Ordinance.