93 Recent allotment of shares for non-cash consideration
Companies Act 2006 (2006 c 46) | Legislation

93  Recent allotment of shares for non-cash consideration

(1)     This section applies where—

(a)     shares are allotted by the company in the period between the date as at which the balance sheet required by section 92 is prepared and the passing of the resolution that the company should re-register as a public company, and

(b)     the shares are allotted as fully or partly paid up as to their nominal value or any premium on them otherwise than in cash.

(2)     The registrar shall not entertain an application by the company for re-registration as a public company unless—

(a)     the requirements of section 593(1)(a) and (b) have been complied with (independent valuation of non-cash consideration; valuer's report to company not more than six months before allotment), or

(b)     the allotment is in connection with—

(i)     a share exchange

Powered by Lexis+®
 

Popular documents

LEXISNEXIS

Escrow accounts and escrow agreements

Escrow accounts and escrow agreementsThis Practice Note examines why parties involved in a construction project may enter into an escrow agreement (or escrow deed) to set up an escrow account. It looks at the benefits of paying funds into escrow, how an escrow account operates and the provisions

LEXISNEXIS

Acknowledgment of service

Acknowledgment of serviceThis Practice Note explains when an acknowledgment of service is required (CPR 10) and the consequences of a failure to file an acknowledgment of service. It identifies the correct form to use, what information must be included and who must to sign the form. The different

LEXISNEXIS

Resulting trusts

Resulting trusts represent one of the three types of trust which do not require to be declared or evidenced in writing. The others are constructive and implied trusts, although it is perhaps doubtful whether there is any form of implied trust which is not in fact either a resulting trust or a

LEXISNEXIS

What happens when a client receives a custodial sentence?

What happens when a client receives a custodial sentence?This Practice Note reflects the procedural code for sentencing offenders in England and Wales (Sentencing Code) that applies from 1 December 2020, as set out in Parts 2–13 of the Sentencing Act 2020 (SA 2020). For those considering whether the