553. Non-cash consideration for shares: requirements as to valuation and report

(1) The provisions of sections 1010 to 1013 (general provisions as to independent valuation and report) apply to the valuation and report required by section 550 (public company: valuation of non-cash consideration for shares).
(2) The valuer's report must state—
(a) the aggregate issue price for the shares to be wholly or partly paid for by the consideration in question,
(b) the description of the consideration and, as respects so much of the consideration as he himself has valued, a description of that part of the consideration, the method used to value it and the date of the valuation,
(c) the extent to which aggregate issue price for the shares is to be treated as paid up—
(i) by the consideration,
(ii) in cash.
(3) The valuer's report must contain or be accompanied by a note by him—
(a) in the case of a valuation made by a person other than himself, that it appeared to himself reasonable to arrange for it to be so made or to accept a valuation so made,
(b) whoever made the valuation, that the method of valuation was reasonable in all the circumstances,
(c) that it appears to the valuer that there has been no material change in the value of the consideration in question since the valuation, and
(d) that, on the basis of the valuation, the value of the consideration, together with any cash by which the aggregate issue price for the shares is to be paid up, is not less than so much of the aggregate issue price for the shares as is treated as paid up by the consideration and any such cash.