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Part 18E+W+S+N.I.Acquisition by limited company of its own shares


Modifications etc. (not altering text)

Chapter 1E+W+S+N.I.General provisions

Shares held by or for public companyE+W+S+N.I.

668Application of provisions to company re-registering as public companyE+W+S+N.I.

(1)This section applies where, after shares in a private company—

(a)are forfeited in pursuance of the company's articles or are surrendered to the company in lieu of forfeiture,

(b)are acquired by the company (otherwise than by any of the methods permitted by this Part or Part 30 (protection of members against unfair prejudice)), the company having a beneficial interest in the shares,

(c)are acquired by a nominee of the company from a third party without financial assistance being given directly or indirectly by the company, the company having a beneficial interest in the shares, or

(d)are acquired by a person with financial assistance given to him, directly or indirectly, by the company for the purpose of or in connection with the acquisition, the company having a beneficial interest in the shares,

the company is re-registered as a public company.

(2)In that case the provisions of sections 662 to 667 apply to the company as if it had been a public company at the time of the forfeiture, surrender or acquisition, subject to the following modification.

(3)The modification is that the period specified in section 662(3)(a), (b) or (c) (period for complying with obligations under that section) runs from the date of the re-registration of the company as a public company.