(i) immediately after the word "payable", the word "on, "; and
(ii) immediately after the word "with", a comma; and
(b) by substituting subsection (5) with the following:
"(5) (a) Where the issuing company -
(i) is a wholly-owned subsidiary of another company (the holding company); and
(ii) allots shares to the holding company or to another wholly-owned subsidiary of the holding company in consideration for the transfer to the issuing company of assets, other than cash, being assets of any company (the transferor company) which is a member of the group of companies which comprises the holding company and all its wholly-owned subsidiaries,
the issuing company shall not be required by subsection (2) to transfer any amount in excess of the minimum premium value to the share premium account where the shares in the issuing company allotted in consideration for the transfer are issued at a premium.
(b) In paragraph (a), "the minimum premium value" means the amount (if any) by which the base value of the consideration for the shares allotted exceeds the aggregate nominal value of those shares.
(c) For the purposes of paragraph (b), the base value of the consideration for the shares allotted shall be the amount by which the base value of assets transferred exceeds the base value of any liabilities of the transferor company assumed by the issuing company as part of the consideration for the assets transferred.
(d) For the purposes of paragraph (c) -
(i) the base value of the assets transferred shall be taken as the cost of those assets to the transferor company or the amount at which those assets are stated in the transferor company's accounting records immediately before the transfer, whichever is the less; and
(ii) the base value of the liabilities assumed shall be taken as the amount at which they are stated in the transferor company's accounting records immediately before the transfer.
(e) Subsection (4) shall not apply in any case to which this subsection applies.".