410AConversion etc of bonus share capital

1

This section applies if bonus share capital falling within section 410(1)(b) is converted into, or exchanged for, shares in the company of a different class.

2

Section 410 does not apply to any shares in the company issued—

a

in connection with the conversion or exchange, and

b

in consideration of the cancellation, extinguishment or acquisition by the company of the bonus share capital.