C4C3Part 18Acquisition by limited company of its own shares

Annotations:
Modifications etc. (not altering text)
C4

Pts. 1-39 modified (31.12.2020) by Regulation (EC) No. 2157/2001, Art. AAA1(3) (as inserted by The European Public Limited-Liability Company (Amendment etc.) (EU Exit) Regulations 2018 (S.I. 2018/1298), regs. 1, 97 (with regs. 140-145) (as amended by S.I. 2020/523, regs. 1(2), 5(a)-(f)); 2020 c. 1, Sch. 5 para. 1(1))

Chapter 1General provisions

Shares held by or for public company

I1C1C2663Notice of cancellation of shares

1

Where a company cancels shares in order to comply with section 662, it must within one month after the shares are cancelled give notice to the registrar, specifying the shares cancelled.

2

The notice must be accompanied by a statement of capital.

3

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,

F1ba

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...

F2d

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

4

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.

5

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.