s.4Issue of shares at premium
4
Section 4Part 0 —

Issue of shares at premium

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The provisions of Section 32(1) of the Companies Law shall not apply to premiums on shares of the Company allotted in pursuance of any arrangement in consideration for the acquisition or cancellation of shares in any other company (whether a company within the meaning of the Companies Law or not) and issued at a premium.
An amount corresponding to any amount representing the premiums or part of the premiums on shares issued by the Company which by virtue of subsection (1) above is not included in the Company's share premium account may also be disregarded in determining the amount at which any shares or other consideration provided for the shares issued is to be included in the Company's balance sheet.
For the purposes of this Section 4 "arrangement" means any agreement, scheme or arrangement whether of reconstruction, merger, takeover or otherwise and whether within the meaning of the Companies Law or not.

Defined Terms

arrangement

Cross References