598 Public company: agreement for transfer of non-cash asset in initial period
598 Public company: agreement for transfer of non-cash asset in initial period
Companies Act 2006 | Legislation

(1)     A public company formed as such must not enter into an agreement—

(a)     with a person who is a subscriber to the company's memorandum,

(b)     for the transfer by him to the company, or another, before the end of the company's initial period of one or more non-cash assets, and

(c)     under which the consideration for the transfer to be given by the company is at the time of the agreement equal in value to one-tenth or more of the company's issued share capital,

unless the conditions referred to below have been complied with.

(2)     The company's “initial period” means

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