Source: http://www.legislation.gov.uk/ukpga/2006/46/part/18/chapter/6
Timestamp: 2018-02-25 06:04:13
Document Index: 170628046

Matched Legal Cases: ['art 8', 'art 18', 'art 18', 'art 18', 'art. 3', 'art. 5', 'art. 3', 'art. 18', 'art 18', 'art. 3', 'art. 5', 'art. 3', 'art. 18']

Chapter 6E+W+S+N.I.Treasury shares
[F1724Treasury sharesE+W+S+N.I.
(1)This section applies where–
(a)a limited company makes a purchase of its own shares in accordance with Chapter 4, and
[F2(b)the purchase is made out of distributable profits.]
(2)F3 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(4)Where shares are held by the company, the company must be entered in its register of members[F4(or, as the case may be, the company's name must be delivered to the registrar under Chapter 2A of Part 8)] as the member holding the shares.
(b)have been held by the company continuously since they were so purchased (or treated as purchased).]
F1S. 724(1) substituted (30.4.2013) by The Companies Act 2006 (Amendment of Part 18) Regulations 2013 (S.I. 2013/999), reg. 14(2)
F2S. 724(1)(b) substituted (6.4.2015) by The Companies Act 2006 (Amendment of Part 18) Regulations 2015 (S.I. 2015/532), regs. 1(2), 7
F3S. 724(2) omitted (30.4.2013) by virtue of The Companies Act 2006 (Amendment of Part 18) Regulations 2013 (S.I. 2013/999), reg. 14(3)
F4Words in s. 724(4) inserted (30.6.2016) by Small Business, Enterprise and Employment Act 2015 (c. 26), s. 164(1), Sch. 5 para. 25; S.I. 2016/321, reg. 6(c)
725Treasury shares: maximum holdingsE+W+S+N.I.
F5S. 725 repealed (1.10.2009) by The Companies (Share Capital and Acquisition by Company of its Own Shares) Regulations 2009 (S.I. 2009/2022), reg. 5(1) (with reg. 5(2)(3))
727Treasury shares: disposalE+W+S+N.I.
I1S. 727 wholly in force at 1.10.2009; s. 727 not in force at Royal Assent, see s. 1300; s. 727 in force for specified purposes at 20.1.2007 by S.I. 2006/3428, art. 3(3) (subject to art. 5, Sch. 1 and with arts. 6, 8, Sch. 5); s. 727 otherwise in force at 1.10.2009 by S.I. 2008/2860, art. 3(l) (with arts. 5, 7, 8, Sch. 2) (as amended by S.I. 2009/1802, art. 18)
728Treasury shares: notice of disposalE+W+S+N.I.
(b)on summary conviction, to a fine not exceeding the statutory maximum and, for continued contravention, a daily default fine not exceeding [F6one-tenth of the statutory maximum][F6one-tenth of the greater of £5,000 or the amount corresponding to level 4 on the standard scale for summary offences].
F6Words in s. 728(5)(b) substituted (E.W.) (12.3.2015) by The Legal Aid, Sentencing and Punishment of Offenders Act 2012 (Fines on Summary Conviction) Regulations 2015 (S.I. 2015/664), reg. 1(1), Sch. 3 para. 9(18) (with reg. 5(1))
729Treasury shares: cancellationE+W+S+N.I.
(4)If company cancels shares held as treasury shares, the amount of the company's share capital is reduced accordingly by the nominal amount of the shares cancelled.
F7S. 729(2)(3) omitted (30.4.2013) by virtue of The Companies Act 2006 (Amendment of Part 18) Regulations 2013 (S.I. 2013/999), reg. 15
730Treasury shares: notice of cancellationE+W+S+N.I.
(5)The statement of capital must state with respect to the company's share capital immediately following the cancellation—
[F8(ba)the aggregate amount (if any) unpaid on those shares (whether on account of their nominal value or by way of premium), and]
(iii)the aggregate nominal value of shares of that class, F9...
F8S. 730(5)(ba) inserted (30.6.2016) by Small Business, Enterprise and Employment Act 2015 (c. 26), s. 164(1), Sch. 6 para. 16(a); S.I. 2016/321, reg. 6(e)
F9S. 730(5)(d) and word omitted (30.6.2016) by virtue of Small Business, Enterprise and Employment Act 2015 (c. 26), s. 164(1), Sch. 6 para. 16(b); S.I. 2016/321, reg. 6(e)
I2S. 730 wholly in force at 1.10.2009; s. 730 not in force at Royal Assent, see s. 1300; s. 730 in force for specified purposes at 20.1.2007 by S.I. 2006/3428, art. 3(3) (subject to art. 5, Sch. 1 and with arts. 6, 8, Sch. 5); s. 730 otherwise in force at 1.10.2009 by S.I. 2008/2860, art. 3(l) (with arts. 5, 7, 8, Sch. 2) (as amended by S.I. 2009/1802, art. 18)
731Treasury shares: treatment of proceeds of saleE+W+S+N.I.
(b)the excess must be transferred to the company's share premium account.
732Treasury shares: offencesE+W+S+N.I.