(1) This section applies in relation to liability under -
section 585(2) (liability of allottee in case of breach by public company of prohibition on accepting undertaking to do work or perform services),
section 587(2) or (4) (liability of allottee in case of breach by public company of prohibition on payment by long-term undertaking), or
section 588 (liability of subsequent holders of shares),
as it applies in relation to a contravention of those sections.
(2) A person who -
(a) is subject to any such liability to a company in relation to payment in respect of shares in the company, or
(b) is subject to any such liability to a company by virtue of an undertaking given to it in, or in connection with, payment for shares in the company,
may apply to the court to be exempted in whole or in part from the liability.
(3) In the case of a liability within subsection (2)(a), the court may exempt the applicant from the liability only if and to the extent that it appears to the court just and
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