Related Commentary  Related HMRC Manuals

138(1)  Section 137 shall not affect the operation of section 135 or 136, in any case where, before the issue is made, the Board have, on the application of either company mentioned in section 137(1), notified the company that the Board are satisfied that the exchange or scheme of reconstruction will be effected for bona fide commercial reasons and will not form part of any such scheme or arrangements as are mentioned in section 137(1).

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