C1Part 18Acquisition by limited company of its own shares
Chapter 6Treasury shares
724Treasury shares
F11
This section applies where–
a
a limited company makes a purchase of its own shares in accordance with Chapter 4, and
b
the purchase is made—
i
out of distributable profits, or
ii
with cash under section 692(1)(b).
2
F2. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
3
Where this section applies the company may—
a
hold the shares (or any of them), or
b
deal with any of them, at any time, in accordance with section 727 or 729.
4
Where shares are held by the company, the company must be entered in its register of members as the member holding the shares.
5
In the Companies Acts references to a company holding shares as treasury shares are to the company holding shares that—
a
were (or are treated as having been) purchased by it in circumstances in which this section applies, and
b
have been held by the company continuously since they were so purchased (or treated as purchased).
Pts. 1-39 (except for Pt. 7 and ss. 662-669), 45-47 extended (12.5.2011) by The Companies Act 2006 (Consequential Amendments and Transitional Provisions) Order 2011 (S.I. 2011/1265), art. 5(1), Sch. 1 para. 2