730Treasury shares: notice of cancellationU.K.
(1)Where shares held by a company as treasury shares are cancelled, the company must deliver a return to the registrar not later than 28 days after the shares are cancelled.
This does not apply to shares that are cancelled forthwith on their acquisition by the company (see section 708).
(2)The return must state with respect to shares of each class cancelled—
(a)the number and nominal value of the shares, and
(b)the date on which they were cancelled.
(3)Particulars of shares cancelled on different dates may be included in a single return.
(4)The notice must be accompanied by a statement of capital.
(5)The statement of capital must state with respect to the company's share capital immediately following the cancellation—
(a)the total number of shares of the company,
(b)the aggregate nominal value of those shares,
[F1(ba)the aggregate amount (if any) unpaid on those shares (whether on account of their nominal value or by way of premium), and]
(c)for each class of shares—
(i)prescribed particulars of the rights attached to the shares,
(ii)the total number of shares of that class, and
(iii)the aggregate nominal value of shares of that class, F2...
F2(d). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(6)If default is made in complying with this section, an offence is committed by—
(a)the company, and
(b)every officer of the company who is in default.
(7)A person guilty of an offence under this section is liable on summary conviction to a fine not exceeding level 3 on the standard scale and, for continued contravention, a daily default fine not exceeding one-tenth of level 3 on the standard scale.
Textual Amendments
F1S. 730(5)(ba) inserted (30.6.2016) by Small Business, Enterprise and Employment Act 2015 (c. 26), s. 164(1), Sch. 6 para. 16(a); S.I. 2016/321, reg. 6(e)
F2S. 730(5)(d) and word omitted (30.6.2016) by virtue of Small Business, Enterprise and Employment Act 2015 (c. 26), s. 164(1), Sch. 6 para. 16(b); S.I. 2016/321, reg. 6(e)
Commencement Information
I1S. 730 wholly in force at 1.10.2009; s. 730 not in force at Royal Assent, see s. 1300; s. 730 in force for specified purposes at 20.1.2007 by S.I. 2006/3428, art. 3(3) (subject to art. 5, Sch. 1 and with arts. 6, 8, Sch. 5); s. 730 otherwise in force at 1.10.2009 by S.I. 2008/2860, art. 3(l) (with arts. 5, 7, 8, Sch. 2) (as amended by S.I. 2009/1802, art. 18)