55(1)Sub-paragraph (2) applies in relation to shares issued by a company—U.K.
(a)before 18 December 2008, or
(b)on or after that date under an agreement entered into before that date,
if the company has made an election in relation to those shares under paragraph 6 of Schedule 9 to FA 2009.
(2)Chapter 6 of Part 5 of this Act has effect in relation to those shares with the following modifications—
(a)in section 160, the substitution for subsection (6) of—
“(6)Condition D is that the shares do not carry any right to dividends other than dividends which—
(a)are of a fixed amount or are at a fixed percentage rate of the nominal value of the shares, and
(b)represent no more than a reasonable commercial return on the new consideration mentioned in subsection (3).”, and
(b)the omission of section 161.