133(1) This section applies where, on a conversion of securities, a person receives, or becomes entitled to receive, any sum of money (“the premium” ) which is by way of consideration (in addition to his new holding) for the disposal of the converted securities.
133(2) If the premium is small, as compared with the value of the converted securities–
(a)receipt of the premium shall not be treated for the purposes of this Act as a disposal of part of the converted securities, and
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