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Regulations as to purchase of shares.
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228.—(1) The Minister may make regulations governing the purchase by companies of their own shares or of shares in their holding company and the sale by companies of their own shares held as treasury shares and such regulations may relate to companies in general or to a particular category or class of company.
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(2) Without prejudice to the generality of subsection (1), regulations under this section may provide for in particular—
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(a) the class or description of shares which may (or may not) be purchased or sold,
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(b) the price at which they may be purchased or sold,
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(c) the timing of such purchases or sales,
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(d) the method by which the shares may be purchased or sold, and
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(e) the volume of trading in the shares which may be carried out by companies.
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(3) If a company fails to comply with the provisions of regulations made under this section, the company and every officer who is in default shall be guilty of an offence.
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