(1) Except as provided in this section, the provisions of this Part are without prejudice to any rule of law restricting the sums out of which, or the cases in which, a distribution may be made.
(2) For the purposes of any rule of law requiring distributions to be paid out of profits or restricting the return of capital to members -
(a) section 845 (distributions in kind: determination of amount) applies to determine the amount of any distribution or return of capital consisting of or including, or treated as arising in consequence of the sale, transfer or other disposition by a company of a non-cash asset; and
(b) section 846 (distributions in kind: treatment of unrealised profits) applies as it applies for the purposes of this Part.
(3) In this section references to distributions are to amounts regarded as distributions for the purposes of any such rule of law as is referred to in subsection (1).