(1) If a company issues shares at a premium, whether for cash or otherwise, a sum equal to the aggregate amount or value of the premiums on those shares must be transferred to an account called “the share premium account”.
(2) Where, on issuing shares, a company has transferred a sum to the share premium account, it may use that sum to write off—
(a) the expenses of the issue of those shares;
(b) any commission paid on the issue of those shares.
(3) The company may use the share premium account
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