Section 66 — Companies Act 1993: Cancellation of shares repurchased

66 Cancellation of shares repurchased (1) Subject to sections 67A to 67C of this Act, shares that are acquired by a company pursuant to section 59 or sections 112 to 112C are deemed to be cancelled immediately on acquisition. (2) Shares are acquired for the purposes of subsection (1) of this section on the date on which the company would, apart from this section, become entitled to exercise the rights attached to the shares. (3) On the cancellation of a share under this section,— (a) The rights and privileges attached to that share expire; but (b) The share may be reissued in accordance with this Part of this Act. Subsection (1) was substituted, as from 1 July 1994, by section 2 Companies Act 1993 Amendment Act (No 2) (1994 No 82). Section 66(1): amended, on 17 September 2008, by section 5 of the Companies (Minority Buy-out Rights) Amendment Act 2008 (2008 No 69).