Schedule 4, Part 3, paragraph 32

Section 586 (public companies: shares must be at least one-quarter paid-up) has effect as if for subsection (2) there were substituted— This does not apply to shares allotted— in pursuance of an employers' share scheme; or by the use of resolution tools, powers and mechanisms (within the meaning given in article 216 of the Bank Recovery and Resolution (No. 2) Order 2014) in relation to a company which is a company under resolution for the purposes of Part 17 of that Order.

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