Section 37

in subsection (1), by substituting for the proviso the following proviso:

"Provided that—

where the Minister is satisfied that the company was engaged in an activity or had otherwise incurred capital expenditure in relation thereto, from a date prior to the date from which the activity was deemed as a promoted activity under section 4B, the approval may be granted retrospectively from a date not earlier than the date from which the company has been engaged in that activity or the capital expenditure had been incurred in relation thereto; and

no approval shall be granted retrospectively under subsection (1) or under the foregoing proviso from a date which is earlier than three years from the date the application under subsection 26G(1) is received by the Minister."; and

in subsection (4), by substituting for the words "subsections (1), (2) and (3)" the words "this section".

Amendment of section 271