For the purposes of subsection (1c) of this section a company shall be deemed to have paid the requisite dividend on all its ordinary stocks and shares in any financial year of the company, whether ending before or after the commencement of that subsection, if in that financial year the total of the dividends (if any) paid by the company and the amounts (if any) paid by the company from its share premium account or other capital assets in respect thereof is at least equal to the amount of the requisite dividend:

“Provided that, for the purposes of this subsection, account shall not be taken of any amount paid in respect of any such stocks or shares in that financial year by the company from its share premium account or other capital assets so far as it is in excess of amounts transferred by the company in that financial year from revenue reserves or profits to a capital replacement fund (however described) that is not available to holders of stock or shares otherwise than in pursuance of a reduction of the capital of the company duly authorised by the Court or in paying up unissued shares of the company to be issued to members of the company as fully paid bonus shares.”