§ 76G — Reduction of capital or profits or both on cancellation of repurchased shares

76G.—(1) Where under section 76C, 76D, 76DA or 76E, shares of a company are purchased or acquired, and cancelled under section 76B(5), the company must —(a)

reduce the amount of its share capital where the shares were purchased or acquired out of the capital of the company;

(b)

reduce the amount of its profits where the shares were purchased or acquired out of the profits of the company; or

(c)

reduce the amount of its share capital and profits proportionately where the shares were purchased or acquired out of both the capital and the profits of the company,

by the total amount of the purchase price paid by the company for the shares cancelled.

[36/2014]

(2) For the purpose of subsection (1), the total amount of the purchase price referred to in that subsection includes any expenses (including brokerage or commission) incurred directly in the purchase or acquisition of the shares of a company which is paid out of the company’s capital or profits under section 76F(1).[36/2014]

—(1) Where under section 76C, 76D, 76DA or 76E, shares of a company are purchased or acquired, and cancelled under section 76B(5), the company must —(a)

reduce the amount of its share capital where the shares were purchased or acquired out of the capital of the company;

(b)

reduce the amount of its profits where the shares were purchased or acquired out of the profits of the company; or

(c)

reduce the amount of its share capital and profits proportionately where the shares were purchased or acquired out of both the capital and the profits of the company,

by the total amount of the purchase price paid by the company for the shares cancelled.

[36/2014]

(2) For the purpose of subsection (1), the total amount of the purchase price referred to in that subsection includes any expenses (including brokerage or commission) incurred directly in the purchase or acquisition of the shares of a company which is paid out of the company’s capital or profits under section 76F(1).[36/2014]