Section 598(1)

A public company formed as such must not enter into an agreement— unless the conditions referred to below have been complied with. with a person who is a subscriber to the company's memorandum, for the transfer by him to the company, or another, before the end of the company's initial period of one or more non-cash assets, and under which the consideration for the transfer to be given by the company is at the time of the agreement equal in value to one-tenth or more of the company's issued share capital,

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