(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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