173The shares requirementU.K.
(1)The relevant shares must meet—
(a)the requirements of subsection (2), and
(b)unless they are bonus shares, the requirements of subsection (3).
(2)Shares meet the requirements of this subsection if they are ordinary shares which do not, at any time during period B, carry—
(a)any present or future preferential right to dividends or to a company's assets on its winding up, or
(b)any present or future right to be redeemed.
(3)Shares meet the requirements of this subsection if they—
(a)are subscribed for wholly in cash, and
(b)are fully paid up at the time they are issued.
(4)Shares are not fully paid up for the purposes of subsection (3)(b) if there is any undertaking to pay cash to any person at a future date in respect of the acquisition of the shares.