PART VISHARE CAPITAL, ITS INCREASE, MAINTENANCE AND REDUCTION
CHAPTER VIIREDEEMABLE SHARES; PURCHASE BY A COMPANY OF ITS OWN SHARES
Supplementary
Power of Department to modify this Chapter189 F2
1
The Department may by regulations modify the provisions of this Chapter with respect to any of the following matters—
a
the authority required for a purchase by a company of its own shares,
b
the authority required for the release by a company of its rights under a contract for the purchase of its own shares or a contract under which the company may (subject to any conditions) become entitled or obliged to purchase its own shares,
c
the information to be included in a return delivered by a company to the registrar in accordance with Article 179(1),
d
the matters to be dealt with in the statutory declaration of the directors under Article 183 with a view to indicating their opinion of their company's ability to make a proposed payment out of capital with due regard to its financial situation and prospects, and
e
the contents of the auditors' report required by that Article to be annexed to that declaration.
2
The Department may also by regulations make such provision (including modification of the provisions of this Chapter) as appears to it to be appropriate—
a
for wholly or partly relieving companies from the requirement of Article 181(3)(a) that any available profits must be taken into account in determining the amount of the permissible capital payment for shares under that Article, or
b
for permitting a company's share premium account to be applied, to any extent appearing to the Department to be appropriate, in providing for the premiums payable on the redemption or purchase by the company of any of its own shares.
3
Regulations under this Article may make such further modification of any provisions of this Chapter as appears to the Department to be reasonably necessary in consequence of any provision made under such regulations by virtue of paragraph (1) or (2).
4
No regulations shall be made under this Article unless a draft of the regulations has been laid before, and approved by a resolution of, the Assembly.