Companies Ordinance Cap 32

Section Num: 48E     Version Date 11/11/1999

Provisions supplementary to sections 48C and 48D

(1) An amount corresponding to one representing the premiums or part of the premiums on shares issued by a company which by virtue of section 48C or 48D is not included in the company's share premium account may also be disregarded in determining the amount at which any shares or other consideration provided for the shares issued is to be included in the company's balance sheet.

(2) References in sections 48C, 48D and 48F and this section (however expressed) to-

(a) the acquisition by a company of shares in another company; and

(b) the issue or allotment of shares to, or the transfer of shares to or by, a company,

include (respectively) the acquisition of any of those shares by, and the issue or allotment or (as the case may be) the transfer of any of those shares to or by, nominees of that company; and the reference in section 48D to the company transferring the shares is to be construed accordingly.

(3) References in sections 48C, 48D and 48F and this section to the transfer of shares in a company include the transfer of a right to be included in the company's register of members in respect of those shares.

(4) In sections 48C and 48D and this section, "company", except in references to the issuing company, includes any body corporate.

(Added 30 of 1999 s. 5)

[cf. 1985 c. 6 s. 133 U.K.]