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Application of premiums received on issue of securities.

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Full Text of the Document

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.... 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 acc....

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