The Principal Act is amended in Chapter 4 of Part 19 -
(a) in section 584 -
(i) in subsection (3) by substituting "Subject to subsections (4) to (9)" for "Subject to subsections (4) to (8)", and
(ii) by inserting the following after subsection (8):
"(9) Subsection (3) shall not apply to the extent that the new holding comprises debentures, loan stock or other similar securities issued or allotted on or after 4 December 2002, unless
(a) they were so issued or allotted pursuant to a binding written agreement made before that date, or
(b) this section has application by virtue of section 586.",
(b) in section 585(1), in the definition of "conversion of securities", by substituting the following for paragraph (b):
"(b) a conversion at the option of the holder of the securities converted as an alternative to the redemption of those securities for cash where the conversion takes place before 4 December 2002, or where the conversion takes place after that date pursuant to a binding written ag
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