Section 63
Section 63
If a company falls within the definition of a research and development company or a contract research and development company under the principal Act prior to the commencement of this Chapter, the company shall, on the commencement of this Chapter, fall within the definition of a research and development company or a contract research and development company under the principal Act as amended by this Chapter for a period of six months from the commencement date, which shall be referred to as the “grace period”.
(2)
If the company referred to in subsection (1) intends to fall within the definition of a research and development company or a contract research and development company under the principal Act as amended by this Chapter after the expiry of the grace period, the company within the grace period, shall make a notification for the consideration of the Minister stating the desire of the company to fall within the definition of a research and development company or a contract research and development company under the principal Act as amended by this Chapter.
Finance 43
(3)
On the expiry date of the grace period, if the company referred to in subsection (1) fails to submit the notification referred to in subsection (2), the company shall immediately cease to fall within the definition of a research and development company or a contract research and development company under the principal
Act as amended by this Chapter.