(1) A company shall not make a distribution (as defined by section 51) except out of profits available for the purpose.
(2) For the purposes of this Part, but subject to section 47(1), a company's profits available for distribution are its accumulated, realised profits, so far as not previously utilised by distribution or capitalisation, less its accumulated, realised losses, so far as not previously written off in a reduction or reorganisation of capital duly made.
(3) A company shall not apply an unrealised profit in paying up debentures or any amounts unpaid on any of its issued shares.
(4) For the purposes of subsections (2) and (3) -
(a) where the company prepares Companies Act individual accounts, any provision (within the meaning of the Sixth Schedule to the Principal Act or paragraph 70 of the Schedule to the Companies (Amendment) Act 1986), other than one in respect of any diminution in value of a fixed asset appearing on a revaluation of all the fixed assets or of all