26. Arrangements for the issue of Shares etc.

(1) There are excluded from paragraph 16(1) and (2) —
(a) arrangements made by a Company for the purposes of issuing its own Shares or share warrants; and
(b) arrangements made by any person for the purposes of issuing his own debentures or debenture warrants;
and for the purposes of paragraph 16(1) and (2), a Company is not, by reason of issuing its own Shares or share warrants, and a person is not, by reason of issuing his own debentures or debenture warrants, to be treated as Selling them.
(2) In sub-paragraph (1), "Company", "Shares", "debentures", "share warrants" and "debenture warrants" have the meanings given by paragraph 8(2).