Section 593(2)

For this purpose the application of an amount standing to the credit of— in paying up (to any extent) shares allotted to members of the company, or premiums on shares so allotted, does not count as consideration for the allotment. any of a company's reserve accounts, or its profit and loss account, Accordingly, subsection (1) does not apply in that case.

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Source: legislation.gov.uk · retrieved 2026-09-04