Clause 4

Notwithstanding any other provisions of this Act, the Minister may by regulations —

provide that tax on gains or profits derived from the disposal of securities by an approved investment company shall be levied and paid for each year of assessment upon such amount as may be determined by reference to the period during which those securities have been held;

provide for the deduction of such amount of allowances under section 19, 19A, 20, 21 or 23 to be granted in such manner as may be prescribed;

provide for the deduction of such amount of losses arising from the disposal of securities as may be determined by reference to the period during which those securities have been held;

provide for the deduction of such amounts of expenses and donations allowable under this Act in such manner as may be prescribed.(2) For the purposes of this section —“approved” means approved by the Minister or such other person as he may appoint;“investment company” means any company whose business consists wholly or mainly in the making of investments and the principal part of whose income is derived therefrom, and includes any unit trust;“securities” means —

debentures, stocks, shares, bonds or notes issued by a government or company; or

any right or option in respect of any such debentures, stocks, shares, bonds or notes.”.