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Companies Act 2006

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Changes over time for: Section 658

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Point in time view as at 03/10/2022.

Changes to legislation:

Companies Act 2006, Section 658 is up to date with all changes known to be in force on or before 04 March 2025. There are changes that may be brought into force at a future date. Changes that have been made appear in the content and are referenced with annotations. Help about Changes to Legislation

658General rule against limited company acquiring its own sharesU.K.
This section has no associated Explanatory Notes

(1)A limited company must not acquire its own shares, whether by purchase, subscription or otherwise, except in accordance with the provisions of this Part.

(2)If a company purports to act in contravention of this section—

(a)an offence is committed by—

(i)the company, and

(ii)every officer of the company who is in default, and

(b)the purported acquisition is void.

(3)A person guilty of an offence under this section is liable—

(a)on conviction on indictment, to imprisonment for a term not exceeding two years or a fine (or both);

(b)on summary conviction—

(i)in England and Wales, to imprisonment for a term not exceeding twelve months or a fine not exceeding the statutory maximum (or both);

(ii)in Scotland or Northern Ireland, to imprisonment for a term not exceeding six months or a fine not exceeding the statutory maximum (or both).

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