Part I Air traffic

Chapter II Transfer schemes

Extinguishment of liabilities

I159 Securities: other provisions.

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 F1the Companies Act 2006 (including group accounts).