(1) A public limited company, other than a company re-registered under section 12, shall not, unless the conditions mentioned in subsection (3) have been complied with, enter into an agreement with a relevant person for the transfer by him during the initial period of one or more non-cash assets to the company or another for a consideration to be given by the company equal in value at the time of the agreement to at least one-tenth of the nominal value of the company's share capital issued at that time.
(2) In this section -
(a) in relation to a company formed as a public limited company, "relevant person" in relation to a company formed as a public limited company, means any subscriber to the memorandum of the company and "initial period" means the period of two years beginning with the date on which the company is issued with a certificate under section 6 that it is entitled to do business;
(b) in relation to a company re-registered, or registered in accordance with section