New Clause 210

Company Law Reform Bill [Lords] – in a Public Bill Committee at 1:45 pm on 20th July 2006.

Alert me about debates like this

Treatment of shares purchased

‘Where a limited company makes a purchase of its own shares in accordance with this Chapter, then—

(a) if section (Treasury shares) (treasury shares) applies, the shares may be held and dealt with in accordance with Chapter (Treasury shares) of this Part;

(b) if that section does not apply—

(i) the shares are treated as cancelled, and

(ii) the amount of the company’s issued share capital is diminished accordingly by the nominal value of the shares cancelled.’.—[Margaret Hodge.]

Brought up, read the First time and Second time, and added to the Bill.