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(3) The profits of MTRC treated as profits of the Corporation in accordance with section 43(3)—

(a) shall not be taken into account for the purpose of computing the profits of MTRC which are chargeable to tax under Part IV of the Inland Revenue Ordinance (Cap. 112) for any year of assessment; and

(b) shall be taken into account for the purpose of computing the profits of the Corporation which are chargeable to tax under Part IV of the Inland Revenue Ordinance (Cap. 112) for the year of assessment the basis period for which includes the appointed day.

46. Stamp duty

No stamp or other duty is chargeable in respect of the transfer or vesting of any property or rights taking effect by virtue of this Part.

Miscellaneous

47. Interests in land

The vesting in the Corporation of an interest in land by virtue of this Part does not—

(a) constitute an acquisition, disposal, assignment, transfer or parting with possession of that interest for the purposes of section 53(4)(a) or (7)(a), 119E(2) or 119H(1)(a) of the Landlord and Tenant (Consolidation) Ordinance (Cap. 7);

(b) constitute an assignment, transfer, devolution, parting with possession, dealing with or other disposition of that interest for the purposes of any instrument concerning or affecting that interest;

(c) operate as a breach of covenant or condition against alienation;

(d) give rise to any right of pre-emption, right of forfeiture, right of re-entry, option, damages or other right of action affecting land;

(e) invalidate or discharge any contract or security;

(f) operate so as to merge any leasehold interest in the reversion expectant on it;

(g) extinguish, affect, vary, diminish or postpone any priority of that interest, whether under the Land Registration Ordinance (Cap. 128), at law or in equity.