Part IV Allotment of Shares and Debentures
General provisions as to allotment
81F1 Restriction on public offers by private company. C1
1
A private limited company (other than a company limited by guarantee and not having a share capital) commits an offence if it—
a
offers to the public (whether for cash or otherwise) any shares in or debentures of the company; or
b
allots or agrees to allot (whether for cash or otherwise) any shares in or debentures of the company with a view to all or any of those shares or debentures being offered for sale to the public (within the meaning given to that expression by F2sections 58 and 742A ).
2
A company guilty of an offence under this section, and any officer of it who is in default, is liable to a fine.
3
Nothing in this section affects the validity of any allotment or sale of shares or debentures, or of any agreement to allot or sell shares or debentures.