Companies Act, 1990

Power of company to purchase own shares.

254.—(1) Subject to subsection (2), the purchase by an investment company of its own shares shall be on such terms and in such manner as may be provided by its articles.

(2) An investment company shall not purchase its own shares unless they are fully paid.

(3) For the avoidance of doubt, nothing in the Companies Acts shall require an investment company to create any reserve account.