(1) This section applies where—
(a) shares are allotted by the company in the period between the date as at which the balance sheet required by section 92 is prepared and the passing of the resolution that the company should re-register as a public company, and
(b) the shares are allotted as fully or partly paid up as to their nominal value or any premium on them otherwise than in cash.
(2) The registrar shall not entertain an application by the company for re-registration as a public company unless—
(a) the requirements of section 593(1)(a) and (b) have been complied with (independent valuation of non-cash consideration; valuer's report to company not more than six months before allotment), or
(b) the allotment is in connection with—
(i) a share exchange (see subsections (3) to (5) below), or
(ii) a proposed merger with another company (see subsection (6) below).
(3) An allotment is in connection with a share exchange if—
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