[(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) In the latter case, the election is of no effect unless, before it is made—
(a) all the members of the company have assented to the making of the election, and
(b) any overseas branch registers that the company was keeping under Chapter 3 have been discontinued and all the entries in those registers transferred to the company's register of members in accordance with section 135.
(3) An election under this section is made by giving notice of election to the registrar.
(4) If the notice is given by subscribers wishing to form a private com
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