(1)The Company may, in accordance with the provisions of this section, purchase its own shares of any class (including any redeemable shares) at any price (whether at par or above or below par) and so that any shares to be so purchased may be selected in any manner whatsoever.
(2)The powers of this section—
(a)are subject to any relevant special rights attached to any class of shares; and
(b)shall be exercised in accordance with the provisions of Chapter VII of Part V of the [1985 c. 6.] Companies Act 1985 (which relate to the purchase of its own shares by a company registered under that Act).
(3)In its application to the Company the said Chapter VII shall have effect as if—
(a)reference to any account or reserve maintained by the Company included any equivalent account or reserve maintained by the Company pursuant to this Act;
(b)reference to any special resolution were to a special resolution of the Company as defined in section 2 (2) of this Act; and
(c)the Company were a private company limited by shares and registered under the said Act of 1985.