(1) Section 593 (valuation of non-cash consideration) does not apply to the allotment of shares by a company 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) [deleted]
(3) [deleted]