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6(1)Section 397C (meaning of “minority shareholder”) is amended as follows.
(2)In subsection (1)—
(a)for “397A” substitute “397AA”, and
(b)omit “non-UK resident”.
(3)After that subsection insert—
“(1A)Where the company has more than one class of share, the reference in subsection (1) to the company’s issued share capital is to issued share capital of the same class as the share in respect of which the distribution is made.”
(4)Insert at the end—
“(8)For the purposes of this section, shares are not of the same class if the amounts paid up on them (otherwise than by way of premium) are different.”
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