real property company "real property company" means- (a) a controlled company which, as at 21st October 1988, owns real property or shares or both, the defined value of which is not less than seventy-five per cent of the value of its total tangible assets; or (b) a controlled company to which subparagraph (a) is not applicable, but which, at any date after 21st October 1988, acquires real property or shares or both whereby the defined value of real property or shares or both owned at that date is not less than seventy-five per cent of the value of its total tangible assets: Provided that where at any date the company disposes of real property or shares or both whereby the defined value of real property or shares or both owned at that date and thereafter is less than seventy-five per cent of the value of its total tangible assets, that company shall not be regarded as a real property company as from that date; ACT 364 - FINANCE ACT 1988 24. Amendment of Schedule 2.