Transport Act 2000

59 Securities: other provisions. U.K.

(1) If a security is issued to a company in pursuance of section 49 or 58, for the purposes of its statutory accounts the value of the security when issued must be taken to have been equal to—

(a) its nominal value (if it is a share);

(b) the principal sum payable under it (if it is a debenture).

(2) The nominal value or principal sum mentioned above must be taken to be accumulated realised profits for the purposes of the company’s statutory accounts.

(3) If a direction under section 49 or 58 requires a company to issue a debenture the direction may specify—

(a) the principal sum payable under the debenture;

(b) the terms as to the payment of the principal sum;

(c) the terms as to the payment of interest on the principal sum.

(4) The principal sum payable under the debenture, and the terms as to the payment of it and of interest on it, must be taken to be those so specified.

(5) Statutory accounts are accounts prepared by a company for the purpose of any provision of [F1 the Companies Act 2006] (including group accounts).

Textual Amendments

F1 Words in s. 59(5) substituted (6.4.2008) by The Companies Act 2006 (Consequential Amendments etc) Order 2008 (S.I. 2008/948), art. 2(2), Sch. 1 para. 218(3) (with arts. 6, 11, 12)

Commencement Information

I1 S. 59 wholly in force at 1.2.2001, see s. 275(1)(2) and S.I. 2001/57, art. 3(1), Sch. 2 Pt. I (subject to the transitional provision and saving in Sch. 2 Pt. II)