651. Available profits

(1) For the purposes of this Chapter the available profits of the company, in relation to the redemption or purchase of any shares, are the profits of the company that are available for distribution (within the meaning of Part 22 (distributions)).
(2) But the question whether a company has any profits so available, and the amount of any such profits, shall be determined in accordance with section 652 instead of in accordance with sections 763 (justification of distribution by reference to relevant accounts) to 769 (determination of profit or loss in respect of asset where records incomplete) in that Part.