Section 91(2)

For the purpose of determining whether the requirements in subsection (1)(b), (c) and (d) are met, the following may be disregarded— shares allotted— before 22nd June 1982 in the case of a company then registered in Great Britain, or before 31st December 1984 in the case of a company then registered in Northern Ireland; shares allotted in pursuance of an employees' share scheme by reason of which the company would, but for this subsection, be precluded under subsection (1)(b) (but not otherwise) from being re-registered as a public company.

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