Application of premiums received on issue of securities.

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..... e of the premiums on those 1[securities] shall be transferred to an account, to be called "the 1[securities] premium account"; and the provisions of this Act relating to the reduction of the 1[securities] capital of a company shall, except as provided in this section, apply as if the 1[securities] premium account were paid-up 1[securities] capital of the company. (2) The 1[securities] premium ac .....

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..... iums which has been so applied that it does not at the commencement of this Act form an identifiable part of the company's reserves within the meaning of Schedule VI, shall be disregarded in determining the sum to be included in the 1[securities] premium account. ------------------------------ Notes:- [1] Substituted for the word "share" by the Companies (Amendment) Act, 1999, w.r.e.f. 31-10-19 .....

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