(1) Section 593 (valuation of non-cash consideration) does not apply to the allotment of shares by a company [as part of a scheme to which Part 27 (mergers and divisions of public companies) applies if—
(a) in the case of a scheme involving a merger, an expert's report is drawn up as required by section 909, or
(b) in the case of a scheme involving a division, an expert's report is drawn up as required by section 924.].
(2) . . .
(3) . . .
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