14. Section 71 of the Principal Act is amended—

(a) in subsection (5), by the insertion of “subsection (5A) and” after “Subject to”, and

(b) by the insertion of the following subsection after subsection (5):

“(5A) The share premium account may be applied by the company—

(a) in writing off—

(i) the preliminary expenses of the company, or

(ii) the expenses of, or the commission paid on, any issue of shares or debentures of the company,

or

(b) in providing for the premium payable on redemption of any redeemable preference shares issued by the company before 1 July 1991 or of any debentures of the company issued by a company before 1 June 2015.”.