| (1) | Where a company purchases its own shares in circumstances in which section 724 (treasury shares) applies— |
| (a) | the requirements of section 113 (register of members) need not be complied with if the company cancels all of the shares forthwith after the purchase, and |
| (b) | if the company does not cancel all of the shares forthwith after the purchase, any share that is so cancelled shall be disregarded for the purposes of that section. |
| (2) | Subject to subsection (1), where a company holds shares as treasury shares the company must be entered in the register as the member holding those shares. |
| NOTES |
| Derivation |
| This section derived from the Companies Act 1985, s 352(3A). |
| Initial Commencement |
| To be appointed |
| To be appointed: see s 1300(2). |
| Appointment |
| Appointment: 1 October 2009: see SI 2008/2860, art 3(h); for transitional provisions and savings see arts 5, 7, 8, Sch 2, para 1 thereto. |
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