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(1)This section applies if part of a trade of any body corporate other than a limited liability company is transferred to a harbour authority by or under a certified harbour reorganisation scheme.
(2)If the transferor continues to carry on the remainder of the trade, sections 991, 992 and 993 apply as if the transferred part had at all times been a separate trade.
(3)If—
(a)the trade is transferred in parts to two or more harbour authorities, and
(b)the scheme provides for the dissolution of the transferor,
sections 991, 992 and 993 apply as if each of the transferred parts had at all times been a separate trade.
(4)If a part of a trade is treated by virtue of subsection (2) or (3) as having been a separate trade over any period—
(a)any necessary adjustments of accounting periods are to be made, and
(b)just and reasonable apportionments of receipts, expenses, allowances or charges are to be made.
(5)Section 952(2) and (3) (apportionment if part of trade treated as separate trade) apply to any apportionment under subsection (4).
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