Clause 53

by deleting the words “or pursuant to section 69” in subsection (1);

by inserting, immediately after subsection (1), the following subsections:“(1A) Subject to subsection (1B), any profits of a company applied towards the purchase or acquisition of its own shares in accordance with sections 76B to 76G shall not be payable as dividends to the shareholders of the company.(1B) Subsection (1A) shall not apply to any part of the proceeds received by the company as consideration for the sale or disposal of treasury shares which the company has applied towards the profits of the company.(1C) Any gains derived by the company from the sale or disposal of treasury shares shall not be payable as dividends to the shareholders of the company.”; and

by deleting the words “out of what he knows is not profits except pursuant to section 69” in the 2nd and 3rd lines of subsection (2) and substituting the words “in contravention of this section”.