Notice of Product Ruling 1. This is a notice of a product ruling made under section 91f of the Tax Administration Act 1994. 2. Product ruling No. 97/23 was issued on 26 March 1997. It relates to demutualisation, and the application of certain sections and definitions within the Income Tax Act 1994, as amended by the Taxation (Core Provisions) Act 1996, and to section 61 of the Estate and Gift Duties Act 1968. 3. Product ruling No. 97/23 is essentially the same as product ruling 95/4 issued on 18 September 1995, except that it takes into account the coming into force of the Taxation (Core Provisions) Act 1996, with effect from the 1997/98 income year. 4. A copy of the ruling may be obtained by writing to the Assistant General Manager (Adjudication & Rulings), National Office, Inland Revenue, P.O. Box 2198, Wellington. JEFFREY TYLER, Assistant General Manager (Adjudication & Rulings).