Companies Act 1948 (c. 38)

SCHEDULES.

FOURTH SCHEDULE Matters to be specified in Prospectus and Reports to be set out therein.

PART III Provisions applying to Parts I and II of Schedule.

23 Every person shall for the purposes of this Schedule, be deemed to be a vendor who has entered into any contract, absolute or conditional, for the sale or purchase, or for any option of purchase, of any property to be acquired by the company, in any case where—

(a) the purchase money is not fully paid at the date of the issue of the prospectus;

(b) the purchase money is to be paid or satisfied wholly or in part out of the proceeds of the issue offered for subscription by the prospectus ;

(c) the contract depends for its validity or fulfilment on the result of that issue.