(3)Where a company has, before the commencement of this Act, issued any [securities ] [Substituted by Act 21 of 1999, Section 5, for " share" (w.r.e.f. 31.10.1998). ] at a premium, this section shall apply as if the [securities ] [Substituted by Act 21 of 1999, Section 5, for " share" (w.r.e.f. 31.10.1998). ] had been issued after the commencement of this Act:Provided that any part of the premiums which has been so applied that it does not at the commencement of this Act form an identifiable part of the company's reserves within the meaning of Schedule VI, shall be disregarded in determining the sum to be included in the [securities ] [Substituted by Act 21 of 1999, Section 5, for " share" (w.r.e.f. 31.10.1998). ] premium account.
