Section 88: Change in control of companies.

Where there has been a change of fifty percent or more in the underlying ownership or control of a company, nodeduction shall be allowed under paragraph (b) of subsection (2) of section 32 in year’s of assessment following the change for losses suffered before the change unless the company— a) continues to conduct the same business; and b) does not engage in a new business or investment except with the approval of the Commissioner, for a period of three years after the change. P ART X - INTERNATIONAL TAXATION