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of <h1>Securities Premiums: Transfer to Premium Account for Specific Uses per Schedule VI, Including Bonus Securities and Expense Coverage.</h1> When a company issues securities at a premium, the total value of these premiums must be transferred to a 'securities premium account,' which is treated similarly to paid-up securities capital. This account can be used for specific purposes: issuing fully paid bonus securities to members, writing off company preliminary expenses, covering expenses or commissions related to issuing securities or debentures, and paying premiums on redeemable preference securities or debentures. This provision applies to securities issued before the Act's commencement, except for premiums not forming part of the company's reserves as per Schedule VI.
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