HL Deb 27 October 1981 vol 424 cc987-8

67 Clause 43, page 48, line 11, at end insert: ("(5A) Where the redeemable shares were issued at a premium, any premium payable on their redemption may be paid out of the proceeds of a fresh issue of shares made for the purposes of the redemption, up to an amount equal to—

  1. (a) the aggregate of the premiums received by the company on the issue of the shares redeemed; or
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  2. (b) the current amount of the company's share premium account (including any sum transferred to that account in respect of premiums on the new shares);
whichever is the less; and in any such case the amount of the company's share premium account shall be reduced by a sum corresponding (or by sums in the aggregate corresponding) to the amount of any payment made by virtue of this subsection out of the proceeds of the issue of the new shares.").

Lord Mackay of Clashfern

My Lords, I beg to move that this House doth agree with the Commons in their Amendment No. 67.

Moved, That this House doth agree with the Commons in the said amendment.—(Lord Mackay of Clashfern.)

On Question, Motion agreed to.