Part 17U.K.A company's share capital

Chapter 6U.K.Public companies: independent valuation of non-cash consideration

Non-cash consideration for sharesU.K.

595Exception to valuation requirement: merger [F1or division]U.K.

(1)Section 593 (valuation of non-cash consideration) does not apply to the allotment of shares by a company [F2 as part of a scheme to which Part 27 (mergers and divisions of public companies) applies if—

(a)in the case of a scheme involving a merger, an expert's report is drawn up as required by section 909, or

(b)in the case of a scheme involving a division, an expert's report is drawn up as required by section 924.]

(2)F3. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(3)F3. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F1S. 595: words in heading inserted (1.8.2011 with application in accordance with reg. 1(2)) by The Companies (Reporting Requirements in Mergers and Divisions) Regulations 2011 (S.I. 2011/1606), reg. 2(4)

F2Words in s. 595(1) substituted (1.8.2011 with application in accordance with reg. 1(2)) by virtue of The Companies (Reporting Requirements in Mergers and Divisions) Regulations 2011 (S.I. 2011/1606), reg. 2(2)

F3S. 595(2)(3) omitted (1.8.2011 with application in accordance with reg. 1(2)) by virtue of The Companies (Reporting Requirements in Mergers and Divisions) Regulations 2011 (S.I. 2011/1606), reg. 2(3)