diff --git a/ld/ChangeLog b/ld/ChangeLog
index 49ec5e4140..15f683c9f9 100644
--- a/ld/ChangeLog
+++ b/ld/ChangeLog
@@ -1,3 +1,8 @@
+2001-01-23  Alan Modra  <alan@linuxcare.com.au>
+
+	* ldlang.c (lang_leave_overlay): Only set lma_region from the
+	default for the first section of a group of overlay sections.
+
 2001-01-22  Alan Modra  <alan@linuxcare.com.au>
 
 	* Makefile.am (GENSCRIPTS): Pass exec_prefix.
diff --git a/ld/ldlang.c b/ld/ldlang.c
index bc25f04574..2baf13b85d 100644
--- a/ld/ldlang.c
+++ b/ld/ldlang.c
@@ -4780,7 +4780,10 @@ lang_leave_overlay (fill, memspec, phdrs, lma_memspec)
 	l->os->fill = fill;
       if (region != NULL && l->os->region == NULL)
 	l->os->region = region;
-      if (lma_region != NULL && l->os->lma_region == NULL)
+      /* We only set lma_region for the first overlay section, as
+	 subsequent overlay sections will have load_base set relative
+	 to the first section.  */
+      if (lma_region != NULL && l->os->lma_region == NULL && l->next == NULL)
 	l->os->lma_region = lma_region;
       if (phdrs != NULL && l->os->phdrs == NULL)
 	l->os->phdrs = phdrs;