181Definitions for Chapter VII
In this Chapter—
(a)"distributable profits", in relation to the making of any payment by a company, means those profits out of which it could lawfully make a distribution (within the meaning given by section 263(2)) equal in value to the payment, and
(b)" permissible capital payment" means the payment permitted by section 171;
and references to payment out of capital are to be construed in accordance with section 171.