Where there is an arrangement between two or more companies to share their profits, and not less that two of those companies have the same managing agent, any profits paid in pursuance of the arrangement by any of the companies having that managing agent to any other or others of them shall -
(a) be excluded from the net profits of the company making such payment; and
(b) be included in the net profits of the company receiving such payment, or where more than one company receives such payment, be included in the net profits of each of the receiving companies, to the extent of the payment received by it.
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