(1) The following requirements must be met at the time the special resolution is passed that the company should be re-registered as a public company—
(a) the nominal value of the company's allotted share capital must be not less than the authorised minimum;
(b) each of the company's allotted shares must be paid up at least as to one-quarter of the nominal value of that share and the whole of any premium on it;
(c) if any shares in the company or any premium on them have been fully or partly paid up by an undertaking given by any person that he or another should do work or perform services (whether for the company or any other person), the undertaking must have been performed or otherwise discharged;
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