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Version status: In force | Document consolidation status: Updated to reflect all known changes
Version date: 1 October 2009 - onwards
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596. Non-cash consideration for shares: requirements as to valuation and report

(1) The provisions of sections 1150 to 1153 (general provisions as to independent valuation and report) apply to the valuation and report required by section 593 (public company: valuation of non-cash consideration for shares).

(2) The valuer's report must state -

(a) the nominal value of the shares to be wholly or partly paid for by the consideration in question;

(b) the amount of any premium payable on the shares;

(c) the description of the consideration and, as respects so much of the consideration as he himself has valued, a description of that part of the consideration, the method used to value it and the date of the valuation;

(d) the extent to which the nominal value of the shares and any premium are to be treated as paid up -

(i) by the consideration;

(ii) in cash.

(3) The valuer's report must contain or be accompanied by a note by him -

(a) in the case of a valuation made by a person other than himself, that it appeared to himself reasonable to arrange for it to be so made or

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