Director liability on private-to-public company conversion excluded for historic assessment years when tax recovery is impossible. Amendment substitutes the sub heading 'M Private companies' and renumbers the provision as sub section (1), expanding liability to tax due from a private company for any previous year and from another company for a year when it was private. It inserts sub section (2) excluding application of sub section (1) to persons who were directors where a private company converted to a public company and assessed tax for a previous year when it was private cannot be recovered, in relation to tax assessable for assessment years commencing before the 1st day of April, 1962.