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. 97/85 was issued on 18 November 1997. It relates to demutualisation, and the application of section CF 1, the definition of ``dividend'' in section CF 2 (1) and the definition of ``shareholder'' in section OB 1, of the Income Tax Act 1994. 3. 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).2