[F1430F Convertible securities.E+W+S
(1)For the purposes of this Part of this Act securities of a company shall be treated as shares in the company if they are convertible into or entitle the holder to subscribe for such shares; and references to the holder of shares or a shareholder shall be construed accordingly.
(2)Subsection (1) shall not be construed as requiring any securities to be treated—
(a)as shares of the same class as those into which they are convertible or for which the holder is entitled to subscribe; or
(b)as shares of the same class as other securities by reason only that the shares into which they are convertible or for which the holder is entitled to subscribe are of the same class.]
Textual Amendments
F1Ss. 428–430F substituted for ss. 428–430 by Financial Services Act 1986 (c. 60, SIF 69), s. 172, Sch. 12