797. Trustee investments.

797.     Trustee investments.

If:

  1.  

    (1)     any property, rights or liabilities are transferred under a transfer scheme1 to a transferee2 which at the time of the transfer is a company wholly owned by the Crown3;

  2.  

    (2)     at a time after the transfer the transferee is a company whose shares or debentures are included in the Official List4; and

  3.  

    (3)     immediately before its shares or debentures are admitted to the Official List the transferee is wholly owned by the Crown5,

then the transferee is taken to have paid a dividend