Treasury shares14
1
Section 724 of the Act (treasury shares) is amended as follows.
2
For subsection (1), substitute—
1
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).
3
Omit subsection (2).