(1) In this Chapter—
“distributable profits”, in relation to the giving of any financial assistance—
(a) means those profits out of which the company could lawfully make a distribution equal in value to that assistance, and
(b) includes, in a case where the financial assistance consists of or includes, or is treated as arising in consequence of, the sale, transfer or other disposition of a non-cash asset, any profit that, if the company were to make a distribution of that character would be available for that purpose (see section 846); and
“distribution” has the same
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