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PART 3
Amendment of Principal Act - Share Capital
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Amendment of section 71 of Principal Act
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14. Section 71 of the Principal Act is amended—
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(a) in subsection (5), by the insertion of “subsection (5A) and” after “Subject to”, and
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(b) by the insertion of the following subsection after subsection (5):
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“(5A) The share premium account may be applied by the company—
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(a) in writing off—
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(i) the preliminary expenses of the company, or
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(ii) the expenses of, or the commission paid on, any issue of shares or debentures of the company,
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or
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(b) in providing for the premium payable on redemption of any redeemable preference shares issued by the company before 1 July 1991 or of any debentures of the company issued by a company before 1 June 2015.”.
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