Finance Act 1986
Write the words of this act the way you think they should read. Solon shows your change as a redline against the published text and pins it to that exact text, so it can never be applied to wording you did not see.
Change 1
72ZA Meaning of “exempt capital-raising instrument”
(1) For the purposes of sections 67 and 70, an instrument is an “exempt capital-raising instrument” if the instrument transfers relevant securities in the course of capital-raising arrangements. (2) In this section, “capital-raising arrangements” means arrangements pursuant to which relevant securities are issued by a company for the purpose of raising new capital. (3) An instrument is not prevented from being an exempt capital-raising instrument by reason only of a delay in transferring relevant securities where— (a) a person (“the transferor”) acquires the relevant securities— (i) before capital-raising arrangements are entered into, or (ii) in the course of capital-raising arrangements, (b) the transferor is subject to a restriction that has the effect of preventing the transfer of the relevant securities in the course of the capital-raising arrangements, and (c) the instrument transfers the relevant securities as soon as reasonably practicable after the time at which the restriction ceases to have effect.
72ZA Meaning of “exempt capital-raising instrument”
(1) For the purposes of sections 67 and 70, an instrument is an “exempt capital-raising instrument” if the instrument transfers relevant securities in the course of capital-raising arrangements. (2) In this section, “capital-raising arrangements” means arrangements pursuant to which relevant securities are issued by a company for the purpose of raising new capital. (3) An instrument is not prevented from being an exempt capital-raising instrument by reason only of a delay in transferring relevant securities where— (a) a person (“the transferor”) acquires the relevant securities— (i) before capital-raising arrangements are entered into, or (ii) in the course of capital-raising arrangements, (b) the transferor is subject to a restriction that has the effect of preventing the transfer of the relevant securities in the course of the capital-raising arrangements, and (c) the instrument transfers the relevant securities as soon as reasonably practicable after the time at which the restriction ceases to have effect.
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