PART VISHARE CAPITAL, ITS INCREASE, MAINTENANCE AND REDUCTION
CHAPTER VIIREDEEMABLE SHARES; PURCHASE BY A COMPANY OF ITS OWN SHARES
Redemption or purchase of own shares out of capital (private companies only)
Publicity for proposed payment out of capital185 F2
1
Within the week immediately following the date of the resolution for payment out of capital the company must cause to be published in the Belfast Gazette a notice—
a
stating that the company has approved a payment out of capital for the purpose of acquiring its own shares by redemption or purchase or both (as the case may be);
b
specifying the amount of the permissible capital payment for the shares in question and the date of the resolution under Article 183;
c
stating that the statutory declaration of the directors and the auditors' report required by that Article are available for inspection at the company's registered office; and
d
stating that any creditor of the company may at any time within the 5 weeks immediately following the date of the resolution for payment out of capital apply to the court under Article 186 for an order prohibiting the payment.
2
Within the week immediately following the date of the resolution the company must also either cause a notice to the same effect as that required by paragraph (1) to be published in a newspaper circulating throughout Northern Ireland or give notice in writing to that effect to each of its creditors.
3
References in this Article to the first notice date are to the day on which the company first publishes the notice required by paragraph (1) or first publishes or gives the notice required by paragraph (2) (whichever is the earlier).
4
Not later than the first notice date the company must deliver to the registrar a copy of the statutory declaration of the directors and of the auditors' report required by Article 183.
5
The statutory declaration and auditors' report—
a
shall be kept at the company's registered office throughout the period beginning with the first notice date and ending 5 weeks after the date of the resolution for payment out of capital, and
b
shallF3. . . be open to the inspection of any member or creditor of the company without charge.
6
If an inspection required under paragraph (5) is refused, the company and every officer of it who is in default is liable to a fine and, for continued contravention, to a daily default fine.
7
In the case of refusal of an inspection required under paragraph (5) of a declaration or report, the court may by order compel an immediate inspection of that declaration or report.