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5. In regulation 8 (limit on total holding of certain stock)—
(a)for paragraphs (1) and (2), substitute—
“(1) A person may not purchase or subscribe for stock of any description if the total nominal value of the stock of that description which would be held by that person, if the purchase or subscription were made, would exceed the maximum set by the terms and conditions applying to that description of stock (“the permitted maximum”).
(2) For the purposes of paragraph (1), the total nominal value of the stock held by a person is to be calculated in accordance with paragraphs (3), (4) and (4A), and any additional provision made in the terms and conditions applying to that stock.”;
(b)in paragraph (3), for “For the purposes of this Regulation a person”, substitute “A person”; and
(c)for paragraph (4), substitute—
“(4) In calculating the total nominal value of stock held by a person, no account shall be taken of stock which that person has acquired under the will of a deceased holder, or by virtue of the death of a holder intestate, or as a nominee under a nomination duly made by a deceased holder.
(4A) Paragraph (4) does not apply to new stock.”.
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