Section 436 | “Convertible securities”

For the purposes of this Chapter securities are convertible securities if—^F1

(a)they confer on the holder an entitlement (whether immediate or deferred and whether conditional or unconditional) to convert them into securities of a different description,^F1F2

(b)a contract, agreement, arrangement or condition authorises or requires the grant of such an entitlement to the holder if certain circumstances arise, or do not arise, or^F1

(c)a contract, agreement, arrangement or condition makes provision for the conversion of the securities (otherwise than by the holder) into securities of a different description.^F1