Section HE 5 — Income Tax Act 2007: Association rebates paid by shares or credit

HE 5 Association rebates paid by shares or credit When this section applies (1) This section applies when an association that enters into mutual transactions with members pays an association rebate to 1 or more members through— (a) issuing fully or partly paid-up shares in the association; or (b) providing credit for all or part of an amount unpaid on shares in the association. Not bonus issue (2) The amount, or the relevant part of it, is not treated as a bonus issue. Defined in this Act: amount , association , association rebate , bonus issue , member , mutual transaction , pay , share , Compare: 2004 No 35 s HF 1(7)