Finance Act 2007 · s 16

Suggest a correction

Tell us what is wrong in this text. We check every suggestion against the official version before we change anything.

What is wrong?Wrong or mistyped wordsWrong structure or numberingWrong title or detailsText that appears twice

What should change, and whyUp to 2,000 characters.The text as it should read (optional)

16.
New section 60i
The principal Act is amended by inserting after section 60h the following section:
“Company that establishes special purpose vehicle 60i.  (1)  For the purpose of this Act, where a company establishes a special purpose vehicle solely for the issuance of
Islamic securities, any source of the special purpose vehicle and any income from that source shall be treated as a source and income of that company and such company shall have the right to receive and utilize any proceeds derived from the issuance of such Islamic securities.
(2)  The special purpose vehicle is exempt from the responsibility of doing all acts and things required to be done under this Act.
(3)  The company that establishes the special purpose vehicle shall keep and retain in safe custody records and documents in accordance with sections 82 and 82a for the purpose of ascertaining the chargeable income of the company from the source referred to in subsection (1).
(4)  In this section—
	 	 “Islamic securities” means Islamic securities which adopt the principles of mudharabah, musyarakah, ijarah or istisna’ approved by the Securities Commission;
	 	 “special purpose vehicle” means a company incorporated under the Companies Act 1965 and established solely for the purpose of complying with the principles of syariah in the issuance of Islamic securities but excludes a company which issues asset-backed securities in a securitization transaction approved by the Securities Commission.”.

Edit the text above. Up to 20,000 characters.Where you checked it (optional)A link to the official version, if you have one.

The text as we hold it

Open the official text

s 16New section 60i

The principal Act is amended by inserting after section 60h the following section:

“Company that establishes special purpose vehicle 60i. (1) For the purpose of this Act, where a company establishes a special purpose vehicle solely for the issuance of

Islamic securities, any source of the special purpose vehicle and any income from that source shall be treated as a source and income of that company and such company shall have the right to receive and utilize any proceeds derived from the issuance of such Islamic securities.

(2)

The special purpose vehicle is exempt from the responsibility of doing all acts and things required to be done under this Act.

(3)

The company that establishes the special purpose vehicle shall keep and retain in safe custody records and documents in accordance with sections 82 and 82a for the purpose of ascertaining the chargeable income of the company from the source referred to in subsection (1).

(4)

In this section—

“Islamic securities” means Islamic securities which adopt the principles of mudharabah, musyarakah, ijarah or istisna’ approved by the Securities Commission;

“special purpose vehicle” means a company incorporated under the Companies Act 1965 and established solely for the purpose of complying with the principles of syariah in the issuance of Islamic securities but excludes a company which issues asset-backed securities in a securitization transaction approved by the Securities Commission.”.