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.
Commentary Part 20: Private and Public Companies Chapter 1: Prohibition of Public Offers by Private Companies Section 760: Validity of allotment etc not affected