(1) If a person becomes a holder of shares in respect of which—
(a) there has been a contravention of section 593 (public company: valuation of non-cash consideration for shares), and
(b) by virtue of that contravention another is liable to pay any amount under the provision contravened,
that person is also liable to pay that amount (jointly and severally with any other person so liable), unless he is exempted from liability under subsection (3) below.
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