Report No. 12

66. Definitions.-

For the purposes of sections 63, 64 and 65 [section 16(1)(c), main para., and 3rd proviso] and of this section,-

(a) a transfer shall be deemed to be revocable if-

(i) it contains any provision for the retransfer directly or indirectly of the income or assets to the transferor, or'

(ii) it, in any way, gives the transferor a right to reassume power directly or indirectly over the income or assets;

[Section 16(1)(c), 1st proviso]

(b) "transfer" includes any settlement, trust, covenant, agreement or arrangement.

[Section 16(1)(c), 2nd proviso, part]

66. Definitions.-

For the purposes of sections 63, 64 and 65 [section 16(1)(c), main para., and 3rd proviso] and of this section,-

(a) a transfer shall be deemed to be revocable if-

(i) it contains any provision for the retransfer directly or indirectly of the income or assets to the transferor, or'

(ii) it, in any way, gives the transferor a right to reassume power directly or indirectly over the income or assets;

[Section 16(1)(c), 1st proviso]

(b) "transfer" includes any settlement, trust, covenant, agreement or arrangement.

[Section 16(1)(c), 2nd proviso, part]