Clause 27

replace paragraph (d) with —“(d)for the purposes of section 13W(1) and (1A), any reference in those provisions to ordinary shares or preference shares in investee companies B and B1 (each called an investee company) which are legally and beneficially owned by divesting companies A and A1 (each called a divesting company) respectively, is, in a case where the divesting company is a registered business trust, a reference to ordinary shares or preference shares in the investee company which are trust property of the registered business trust;

in paragraph (e), replace “section 92J” with “sections 92J and 92L”;

in paragraph (e), replace “section 92J(7)” with “sections 92J(7) and 92L(7)”; (d)in paragraph (e), in the definition of “local employee”, in paragraph (b), after “2023”, insert “(for the purposes of section 92J) or 2024 (for the purposes of section 92L)”;

in paragraph (e), replace the full‑stop at the end with a semi‑colon; and

after paragraph (e), insert —“(f)for the purposes of section 92K —

any reference to the ordinary shares of a company is a reference to the units in a registered business trust; and

any reference to a subsidiary wholly‑owned (directly or indirectly) by a company is to a company all the shares of which are held (directly or indirectly) for a registered business trust by its trustee‑manager.”.