Section 41

any transaction with or by a branch of any business, whether carried on by a body corporate or otherwise, shall be treated in all respects as if the branch were a body corporate resident where the branch is situated;

-

-

Exchange Control

the making of any book entry or other state-ment recording a debit against a branch of any business in favour of any other branch of that busi-ness, shall be treated as a payment to that other branch; and

any property held by or on behalf of the person carrying on the business shall be deemed to be held by such of the branches of the business as may be determined in accordance with the order or direction, and any such order or direction which makes, for any of the purposes of Part IV, such provision as is mentioned in para-graph (c) may contain provisions declaring the circumst-ances in which a branch is to be treated as nominee for any other branch.

Any reference in subsection (1) or (unless the contrary intention appears) in any order or direction made thereunder to a branch of a business shall be deemed to include a reference to the head office of that business.

Subsections (1) and (2) shall apply in relation to any body of persons (whether corporate or unincorporated)

carrying on any activity, whether for the purpose of profit or not, as they apply in relation to a business.