(1) This section applies where shares in a limited company—
(a) are taken by a subscriber to the memorandum as nominee of the company,
(b) are issued to a nominee of the company, or
(c) are acquired by a nominee of the company, partly paid up, from a third person.
(2) For all purposes—
(a) the shares are to be treated as held by the nominee on his own account, and
(b) the company is to be regarded as having no beneficial interest in them.
(3) This section does not apply—
(a) to shares acquired otherwise than by subscription by a nominee of a public company, where—
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