s 18 Interpretation of this Part
18. In this Part —“company to which this Part applies” means any body corporate wherever incorporated, which either —(a) is so constituted as not to be controlled by its shareholders or by any class thereof; or (b) has not issued to the public, or in the case of a company which is about to make an issue of shares to the public, will not, when it has made that issue, have issued to the public, more than half of the shares by the holders whereof it is controlled; “share” includes any interest in a company, by whatsoever name it is called, analogous to a share, and “shareholder” shall be construed accordingly; “preference share” means a share the holder of which is entitled to a dividend at a fixed rate only; “value of the total assets of the company” means the principal value, ascertained in accordance with section 24, of all the assets of the company as a going concern, including goodwill, after deducting therefrom —(a) the principal value so ascertained of any debentures, debenture stock and preference shares of the company; (b) all debts of the company incurred or created bona fide for consideration in money or money’s worth; (c) such sum as on a just and fair computation represents any future or contingent liabilities thereof which are uncertain in amount; and (d) the amount of any reserve fund separately invested which is bona fide intended to be applied in payment of pensions to employees or otherwise for the benefit of them or their dependants or relatives, and in no other manner.