Transfer exemption for stock-exchange membership allowed when exchanged for company shares before statutory cut-off, subject to prescribed conditions.

The amendment adds two non-taxable transfer categories to section 47: transfers of stock-exchange membership by non-companies to companies in exchange for shares, defined by recognition under securities law; and transfers of land of a sick industrial company under a sanctioned scheme where the company is managed by its workers' co-operative, limited to the period from declaration of sickness until the year its net worth equals or exceeds accumulated losses, with "net worth" defined by the sick companies statute.

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