`(1) Where securities are transferred—
(2) There shall be no charge to tax under section 90 above in respect of a transfer, issue or appropriation of an inland bearer instrument, within the meaning of the heading "Bearer Instrument" in Schedule 1 to the Stamp Act 1891, which does not fall within exemption 3 in that heading (renounceable letter of allotment etc. where rights are renounceable not later than six months after issue).
(3) There shall be no charge to tax under section 90 above in respect of an issue by a company (company X) of securities in exchange for shares in another company (company Y) where company X—
(4) For the purposes of subsection (3) above company X has control of company Y if company X has power to control company Y's affairs by virtue of holding shares in, or possessing voting power in relation to, company Y or any other body corporate:.—[Mr. Ian Stewart.]
§ Brought up, read the First and Second time, and added to the Bill.