Section 58 — Companies Act 1993: Company may acquire its own shares

58 Company may acquire its own shares (1) A company may, in accordance with sections 59 to 66 , section 107 , and sections 110 to 112C , but not otherwise, acquire its own shares. (2) Shares acquired by a company otherwise than in accordance with sections 59 to 66 and 110 to 112C are deemed to be cancelled immediately on acquisition. (3) Within 10 working days of the purchase or acquisition of the shares, the board of the company must ensure that notice in the prescribed form of the purchase or acquisition is delivered to the Registrar for registration. (4) If the board of a company fails to comply with subsection (3) of this section, every director of the company commits an offence and is liable on conviction to the penalty set out in section 374(2) of this Act. Section 58(1): amended, on 17 September 2008, by section 4 of the Companies (Minority Buy-out Rights) Amendment Act 2008 (2008 No 69). Section 58(2): amended, on 17 September 2008, by section 4 of the Companies (Minority Buy-out Rights) Amendment Act 2008 (2008 No 69). Subsection (2) was amended, as from 1 July 1994, by section 7 Companies Act 1993 Amendment Act 1994 (1994 No 6) by inserting the word “ immediately ” .