(1) A public company must not allot a share except as paid up at least as to one-quarter of its nominal value and the whole of any premium on it.
(2) This does not apply to shares allotted in pursuance of an employees' share scheme.
(3) If a company allots a share in contravention of this section—
(a) the share is to be treated as if one-quarter of its nominal value, together with the whole of any premium on it, had been received, and
(b) the allottee is liable to pay
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