5/18/2011 Exceptions Payment of dividends. ·Bonus shares. Permissible reductions of capital. Permissible redemptions of shares. Arrangements under s 237 or 254. Lending money in ordinary course of business. (See Steen v Law [1964]AC 287) Employee share schemes. Unlisted companies if statutory requirements complied with:see s 47E. 21 115/18/2011 11 21 Exceptions • Payment of dividends. • Bonus shares. • Permissible reductions of capital. • Permissible redemptions of shares. • Arrangements under s 237 or 254. • Lending money in ordinary course of business. (See Steen v Law [1964] AC 287) • Employee share schemes. • Unlisted companies if statutory requirements complied with: see s 47E