(cA) the receipts and accruals of –
(i) any institution, board or body (other than a company as defined in the Companies Act, any co-operative, close corporation, trust or water services provider) established by or under any law and which, in the furtherance of its sole or principal object-
(aa) conducts scientific, technical or industrial research;
(bb) provides necessary or useful commodities, amenities or services to the State (including any provincial administration) or members of the general public; or
(cc) carries on activities (including the rendering of financial assistance by way of loans or otherwise) designed to promote commerce, industry or agriculture or any branch thereof;
(ii) any association, corporation or company contemplated in paragraph (a) of the definition of “company” in section 1, all the shares of which are held by any such institution, board or body, if the operations of such association, corporation or company are ancillary or complementary to the object of such institution, board or body:
Provided that such institution, board, body or company –
(a) has been approved by the Commissioner subject to such conditions as he may deem necessary to ensure that the activities of such institution, board, body or company are wholly or mainly directed to the furtherance of its sole or principal object;
(b) is by law or under its constitution –
(i) not permitted to distribute any amount to any person, other than, in the case of such company, to the holders of shares in that company;
[Subparagraph (i) substituted by section 23(1)(c) of Act 31 of 2013 and by section 10(1)(a) of Act 23 of 2020]
(ii) required to utilize its funds solely for investment or the object for which it has been established; and
(iii) required on dissolution-
(aa) where the institution, board, body or company is established under any law, to transfer its assets to some other institution, board or body which has been granted exemption from tax in terms of this paragraph and which has objects similar to those of such institution, board, body or company; or
(bb) where the institution, board or body is established by law, to transfer its assets to –
(A) some other institution, board or body which has been granted exemption from tax in terms of this paragraph and which has objects similar to those of such institution, board, body or company; or
(B) to the State:
Provided further that –
(a) where the Commissioner is satisfied that any such institution, board, body or company has during any year of assessment failed to comply with the provisions of this paragraph, he may withdraw his approval of the institution, board, body or company with effect from the commencement of that year of assessment;
(b) where the institution, board, body or company fails to transfer, or take reasonable steps to transfer, its assets as contemplated in paragraph (b) (iii) of the first proviso, the accumulated net revenue which has not been distributed shall be deemed for the purposes of this Act to be an amount of taxable income which accrued to such institution, board, body or company during the year of assessment contemplated in paragraph (a); and
(c) ……….