Section 67A — Companies Act 1993: Company may hold its own shares

67A Company may hold its own shares (1) Shares acquired by a company pursuant to section 59 or sections 112 to 112C shall not be deemed to be cancelled under section 66(1) of this Act if— (a) The constitution of the company expressly permits the company to hold its own shares; and (b) The board of the company resolves that the shares concerned shall not be cancelled on acquisition; and (c) The number of shares acquired, when aggregated with shares of the same class held by the company pursuant to this section at the time of the acquisition, does not exceed 5 percent of the shares of that class previously issued by the company, excluding shares previously deemed to be cancelled under section 66(1) of this Act. (2) Shares acquired by a company pursuant to section 59 or sections 112 to 112C that, pursuant to this section, are not deemed to be cancelled shall be held by the company in itself. (3) A share that a company holds in itself under subsection (2) of this section may be cancelled by the board of the company resolving that the share is cancelled; and the share shall be deemed to be cancelled on the making of such a resolution. Sections 67A to 67C and the preceding heading were inserted, as from 1 July 1994, by section 3 Companies Act 1993 Amendment Act (No 2) (1994 No 82). Section 67A(1): amended, on 17 September 2008, by section 6 of the Companies (Minority Buy-out Rights) Amendment Act 2008 (2008 No 69). Section 67A(2): amended, on 17 September 2008, by section 6 of the Companies (Minority Buy-out Rights) Amendment Act 2008 (2008 No 69).