560. Adaptation of provisions in relation to company re-registering as public

The provisions of sections 555 to 559 (public companies: transfer of non-cash assets) apply with the following adaptations in relation to a company re-registered as a public company—

(a) the reference in section 555(1)(a) to a person who is one of the company's initial members shall be read as a reference to a person who is a member of the company on the date of re-registration,
(b) the reference in section 555(2) to the date of the company being issued with a certificate under subsection 699(2) (trading certificate) shall be read as a reference to the date of re-registration.