66. In this Part of this Act, unless the context otherwise requires,- " citizen of Ceylon "-
| (a) in the case of a person who is an individual, means an individual who is a citizen of Ceylon under any law for the time being in force relating to such citizenship, |
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| (b) in the case of a person which is a company, means a company to which Part XI of the Companies Ordinance does not apply, and |
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| (c) in the case of a person which is a firm consisting of two partners, means a firm where both partners are citizens of Ceylon, and in the case of a firm consisting of more than two partners, means a firm where the majority of the partners are citizens of Ceylon; |
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"company" means a company incorporated or registered under any law in force in Ceylon or elsewhere; "land" includes-
| (a) any land covered with water; |
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| (b) any house or building or any part thereof; and |
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| (c) any undivided share of any land; |
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" market value ", with reference to the transfer of any property otherwise than by sale, means the price which that property could have fetched on the date of the transfer in an open market; " property " means-
| (b) any shares in a company; |
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"transfer of ownership", with reference to any property, means the transfer of ownership of that property by sale, gift or in any other manner whatsoever other than a transfer of ownership arising-
| (b) by gift or testamentary disposition by any individual to his spouse, child, parent, brother or sister, and the issue of such child, brother or sister who is not a citizen of Ceylon; or |
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| (c) upon the succession of any person as trustee to a person appointed as trustee under a will or any instrument of trust or of any provident fund or any investment; |
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" transferee " includes-
| (a) in the case of a transfer of ownership by a deed of gift, the donee; and |
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| (b) in the case of a transfer of ownership by gift by a testamentary disposition, the person to whom it is so gifted; and |
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" value " means-
| (a) in the case of any property of which the transfer of ownership took place by sale, the price realized by such sale; |
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| (b) in the case of any property of which the transfer of ownership took place otherwise than by sale, the amount equal to the market value of such property on the date of such transfer. |
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Sri Lanka Consolidated Acts