Companies Act 2014
CHAPTER 3 Share capital | ||
Power of company to purchase own shares | ||
1398. (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, for the purposes referred to in section 1386 (1)(b)(ii), unless they are fully paid, but nothing in this subsection shall prevent a purchase being made in accordance with section 1399 (2). | ||
(3) For the avoidance of doubt, nothing in this Act shall require an investment company to create any reserve account. |