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Paragraph 8

Original text. Later amendments are not shown.

The basic conditions shall be subject to exceptions for—

(a)

any shares or debentures forming part of the assets in a bankruptcy or liquidation of a holder thereof; and

(b)

any shares or debentures held either—

(i)

on trusts created for the benefit of his creditors generally by a person having an interest therein ; or

(ii)

otherwise for the purposes of any composition or scheme made or approved under any Act by a court or an officer of a court for arranging the affairs of such a person.