(1) The following provisions have effect for the purposes of the Companies Acts.
(2) A share in a company is deemed paid up (as to its nominal value or any premium on it) in cash, or allotted for cash, if the consideration received for the allotment or payment up is a cash consideration.
(3) A “cash consideration” means—
(a) cash received by the company,
(b) a cheque received by the company in good faith that the directors have no reason for suspecting will not be paid,
(c) a release of a liability of the company for a
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