Whether the section is applicable to subscriber to memorandum of association

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....able to the subscription to the memorandum of association of a new company by an existing company through its nominees. This question has been carefully examined in this Department and they have been advised that where subscribers to the memorandum of association of a new company are an existing public company and/or its nominees, such subscription amounts to the latter company subscribing for sha....

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....he memorandum. By subscribing to the memorandum of association of a company, the subscribers undertake to subscribe for the number of shares in that company written opposite to their names; and subscription has been held to mean taking or agreeing to take unissued shares for cash. In view of the legal position set out above, where company 'A' and/or its nominees are the signatories to the memoran....