(1)If a security is issued to a company in pursuance of section 49 or 58, for the purposes of its statutory accounts the value of the security when issued must be taken to have been equal to—
(a)its nominal value (if it is a share);
(b)the principal sum payable under it (if it is a debenture).
(2)The nominal value or principal sum mentioned above must be taken to be accumulated realised profits for the purposes of the company’s statutory accounts.
(3)If a direction under section 49 or 58 requires a company to issue a debenture the direction may specify—
(a)the principal sum payable under the debenture;
(b)the terms as to the payment of the principal sum;
(c)the terms as to the payment of interest on the principal sum.
(4)The principal sum payable under the debenture, and the terms as to the payment of it and of interest on it, must be taken to be those so specified.
(5)Statutory accounts are accounts prepared by a company for the purpose of any provision of the [1985 c. 6.] Companies Act 1985 or the [S.I. 1986/1032 (N.I. 6).] Companies (Northern Ireland) Order 1986 (including group accounts).