C3Part 18Acquisition by limited company of its own shares

Annotations:
Modifications etc. (not altering text)

Chapter 1General provisions

Shares held by or for public company

C1C2667Offence in case of failure to cancel shares or re-register

1

This section applies where a company, when required to do by section 662—

a

fails to cancel any shares, or

b

fails to make an application for re-registration as a private company,

within the time specified in subsection (3) of that section.

2

An offence is committed by—

a

the company, and

b

every officer of the company who is in default.

3

A person guilty of an offence under this section is liable on summary conviction to a fine not exceeding level 3 on the standard scale and, for continued contravention, a daily default fine not exceeding one-tenth of level 3 on the standard scale.