139. Distributions out of assets.

Any distribution out of assets of the company1, other than a dividend or a capital dividend, whether in cash or otherwise, in respect of shares in the company2 is a distribution, except so much of it, if any, as represents repayment of capital on the shares3 or is, when it is made, equal in amount or value to any new consideration received by the company for the distribution4.

'New consideration' means consideration not provided directly or indirectly out of the assets of the company, and in particular does not include amounts retained by the company by way of capitalising a