[(1) An election may be made under this section—
(a) by the subscribers wishing to form a private company under this Act, or
(b) by the private company itself once it is formed and registered.
(2) The election is of no effect unless—
(a) notice of the intention to make the election was given to each eligible person at least 14 days before the day on which the election was made, and
(b) no objection was received by the subscribers or, as the case may be, the company from any eligible person within that notice period.
(3) A person is an “eligible person” if—
(a) in a case of an election by the subscribers wishing to form a private company, the person's particulars would, but for the election, be required to be entered in the company's PSC register on its incorporation, and
(b) in the case of an election by the company itself—
(i) the person is a registrable person or a registrable relevant legal entity in relation to the company, and
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