Section 501: Section 498 shall not apply to the issue–

(a) to existing members of a company of a prospectus or form of application relating to shares in the company, whether or not an applicant for shares has the right to renounce in favour of other persons; and (b) of a prospectus or form of application relating to securities which are or are to be in all respect uniform with securities previously issued and for the time being dealt in or quoted on a recognised stock exchange; but, subject as specified in paragraphs (a) and (b), section 498, shall apply to a prospectus or a form of application issued on or with reference to the formation of a company, or at any time thereafter.