(1) This section applies where -
(a) shares are allotted by a company applying to re-register as a PLC between the balance sheet date and the passing of the special resolution to re-register, and
(b) those shares have been allotted as fully or partly paid up as to their nominal value, or any premium on them, otherwise than in cash.
(2) Where this section applies the company shall not make an application for re-registration as a PLC under this Part unless, before the making of the application -
(a) the consideration for the allotment referred to in subsection (1) has been valued in accordance with the provisions of Chapter 3 of Part 17 that are applied by this section, and
(b) a report with respect to the consideration's value has been made to the company in accordance with those provisions during the 6 months immediately preceding the date of that allotment,
but this is subject to subsection (4).
(3) Without prejudice to subsection (4), the following provisions of Chapter 3 of Part 17,
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