13(1)  Where there has been a merger, the following paragraphs apply.

13(2)  The relevant shares issued to effect the merger are referred to as the “new shares” and–

(a)in the case of a share for share exchange, the corresponding shares for which they were exchanged, and

(b)in the case of a share for business transfer, the corresponding shares in respect of which they were issued,

are referred to as the “old shares”.

13(3)  For the purposes of Chapter 2 of Part 6, and of Schedule 5C to the 1992 Act–

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