(1) An election may be made under this section -
(a) by the subscribers wishing to form a private company under this Act, or
(b) by the private company itself once it is formed and registered.
(2) The election is made by giving notice of election to the registrar.
(3) If the notice is given by subscribers wishing to form a private company, it must be given when the documents required to be delivered under section 9 are delivered to the registrar.