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(1)The following are the conditions referred to in section 2(1)(c) (being conditions also relevant under section 4).
(2)At the time concerned, the nominal value of the company’s allotted share capital must not be less than the authorised minimum (defined in section 118 of the principal Act).
(3)In the case of all the shares of the company, or of all those of its shares which are comprised in a portion of the share capital which satisfies the condition in subsection (2)—
(a)each share must be paid up at least as to one-quarter of the nominal value of that share and the whole of any premium on it;
(b)where any of the shares in question or any premium payable on them has been fully or partly paid up by an undertaking given by any person that he or another should do work or perform services for the company or another, the undertaking must have been performed or otherwise discharged; and
(c)where any of the shares in question has been allotted as fully or partly paid up as to its nominal value or any premium payable on it otherwise than in cash, and the consideration for the allotment consists of or includes an undertaking (other than one to which paragraph (b) applies) to the company, then either—
(i)that undertaking must have been either performed or otherwise discharged, or
(ii)there must be a contract between the company and some person pursuant to which the undertaking is to be performed within 5 years from the time of the resolution.
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