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In this Ordinance, unless there is anything repugnant in the subject or context —

(1) “accumulated profits” in relation to distribution or payment of a dividend, include —

(a) any reserve made up wholly or partly of any allowance, deduction, or exemption admissible under this Ordinance;-

(b) for the purposes of sub-clauses (a), (b) and (e) of clause (19) all profits of the company including income and gains of a trust up to the date of such distribution or such payment, as the case may be; and

(c) for the purposes of sub-clause (c) of clause (19), includes all profits of the company including income and gains of a trust up to the date of its liquidation;

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