Part 23Company distributions
Chapter 2Matters which are distributions
Distributions in respect of non-commercial securities
1008Consideration for issue of security exceeding amount of principal
1
This section applies if—
a
a company issues a security, and
b
the amount of new consideration received by the company for the issue of the security exceeds the amount of the principal secured by the security.
2
The amount of the principal is treated for the purposes of paragraph E in section 1000(1) as increased to the amount of that new consideration.
3
Section 1007 does not have effect in relation to the security.
4
This section is subject to sections 1009 and 1012.