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Amendment of section 503 of Principal Act
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21. Section 503 of the Principal Act is amended, in subsection (4)—
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(a) in paragraph (h), by the substitution of “company;” for “company; and”,
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(b) in paragraph (i), by the substitution of “companies; and” for “companies.”, and
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(c) by the insertion of the following paragraph after paragraph (i):
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“(j) any fully paid shares previously issued by a successor company, and held by a transferor company, and which are acquired by a successor company in itself pursuant to a division under this Chapter, shall be deemed to be treasury shares held by the successor company concerned to which section 109 applies.”.
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