(1) Section 247 of the Principal Act is amended -
(a) in subsection (1)(b) by inserting ", except for the purposes of subsection (4A)," after "section 10 and", and
(b) by inserting the following after subsection (4):
(a) Subject to the following paragraphs of this subsection, subsection (2) shall not apply to a loan to the investing company to defray money applied -
(i) in acquiring any part of the ordinary share capital of, or
(ii) in lending to a company money which is used directly or indirectly for the purposes of acquiring any part of the capital of,
a company (from such company or another company, being in either case a company which, at the time of the acquiring of the capital or immediately after that time, was connected with the investing company) if the loan is made to the investing company by a person who is connected with the investing company.
(b) Where, as a part of, or in connection with, any scheme or arrangement for the making of a loan to the investing company b
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