Clause 4

by inserting, immediately after the word “tax” in subsection (1), the words “or exempt from tax”;

by deleting subsection (2) and substituting the following subsection:“(2) As soon as any amount of income of the company has been subject to tax at the rate of 10 per cent (or such other concessionary rate) or exempt from tax in accordance with regulations prescribed under section 43A, 43C or 43D, the net amount of the income after deduction of the tax or the amount of the income exempted shall be credited to a special account (referred to in this section as the account) to be kept by the company for the purposes of this section.”;

by deleting the words “that income after deduction of the tax” in subsection (3) and substituting the words “the income credited to that account”; and

by deleting the words “or such other concessionary rate” in paragraph (a) of subsection (8) and substituting the words “(or such other concessionary rate) or exempt from tax as”.