“group of companies” means a group of companies as defined in section 1: Provided that for the purposes of this definition-

 

(i)      any company that would, but for the provisions of this definition, form part of a group of companies shall not form part of that group of companies if-

 

(aa)    that company is a company contemplated in paragraph (c), (d) or (e) of the definition of ‘company’;

 

(bb)   that company is a non-profit company as defined in section 1 of the Companies Act;

 

(cc)    any amount constituting gross income of whatever nature would be exempt from tax in terms of section 10 were it to be received by or to accrue to that company;

 

(dd)   that company is a public benefit organisation or recreational club that has been approved by the Commissioner in terms of section 30 or 30A;

 

(ee)    that company is a company contemplated in paragraph (b) of the definition of ‘company’, unless that company has its place of effective management in the Republic; or

 

(ff)    that company has its place of effective management outside the Republic; and

 

(ii)     any share that would, but for the provisions of this definition, be an equity share shall be deemed not to be an equity share if –

 

(aa)    that share is held as trading stock; or

 

(bb)   any person is under a contractual obligation to sell or purchase that share, or has an option to sell or purchase that share unless that obligation or option provides for the sale or purchase of that share at its market value at the time of that sale or purchase;