A public company must not allot shares as fully or partly paid up for a consideration other than cash unless the consideration has been independently valued and a report as to its value made to the company within the preceding six months1. Before a building society advances money on the security of land, a written report on the value of the land and any factors likely materially to affect its value must be obtained from a person who is competent to value and who is not disqualified from making such a report
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