(1) In this section -
"collateral stock", in relation to a stock borrowing, means stock which is transferred to the lender by means of security for the performance of the undertaking referred to in paragraph (b) of the definition of "stock borrowing";
"equivalent stock" means stock of an identical type, nominal value, description and amount as was so obtained from the lender or where, since the date of the stock borrowing, such stock has been paid or has been converted, subdivided, consolidated, redeemed, made the subject of a takeover, call on partly paid stock, capitalisation issue, rights issue, distribution or other similar event, then "equivalent stock" means - (a) in the case of conversion, subdivision or consolidation, the stock into which the borrowed stock has been converted, subdivided or consolidated, (b) in the case of redemption, a sum of money equivalent to the proceeds of the redemption, (c) in the case of takeover, a sum of money or stock, b
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