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Certain share transactions with investment undertakings.
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58.— (1) The Principal Act is amended—
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(a) in section 584(3) by substituting “(10)” for “(9)”,
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(b) in section 584 by inserting the following after subsection (9):
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“(10) (a) In this subsection, ‘investment undertaking’ and ‘unit’ have the same meanings respectively as in section 739B.
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(b) Subsection (3) shall not apply where the new holding comprises units in an investment undertaking, being a company.”,
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(c) in section 585(1) by inserting the following definitions before the definition of “security”:
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“ ‘investment undertaking’ and ‘unit’ have the same meanings respectively as in section 739B;”,
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(d) in section 585 by inserting the following after subsection (1):
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“(1A) For the purposes of this section, a conversion of securities shall not include a conversion of securities into units in an investment undertaking, being a company.”,
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(e) in section 586(3) by inserting the following after paragraph (c):
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“(d) This section shall not apply where the company issuing the shares or debentures is an investment undertaking within the meaning of section 739B.”,
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and
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(f) in section 587(4) by inserting the following after paragraph (c):
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“(d) This section shall not apply where the company issuing the shares or debentures is an investment undertaking within the meaning of section 739B.”.
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(2) This section applies to any shares or debentures issued by a company on or after 22 February 2012.
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