Commentary Part 20: Private and Public Companies Chapter 1: Prohibition of Public Offers by Private Companies Section 760: Validity of allotment etc not affected
1063.This section makes clear that any allotment or sale of securities or any agreement to allot or sell securities is not made void simply because there has been a breach of the prohibition on offers to the public. Equivalent provision was made in section 81(3) of the 1985 Act.