C1Part 8A company's members

Annotations:
Modifications etc. (not altering text)

Chapter 2Register of members

Special cases

124Company holding its own shares as treasury shares

1

Where a company purchases its own shares in circumstances in which section 724 (treasury shares) applies—

a

the requirements of section 113 (register of members) need not be complied with if the company cancels all of the shares forthwith after the purchase, and

b

if the company does not cancel all of the shares forthwith after the purchase, any share that is so cancelled shall be disregarded for the purposes of that section.

2

Subject to subsection (1), where a company holds shares as treasury shares the company must be entered in the register as the member holding those shares.