Section 67C — Companies Act 1993: Reissue of shares company holds in itself

67C Reissue of shares company holds in itself (1) Subject to subsection (2) of this section, section 47 of this Act shall apply to the transfer of a share held by a company in itself as if the transfer were the issue of the share under section 42 or section 44 of this Act. (2) Section 47(2) of this Act shall not apply to the transfer of a share held by a company in itself if the share is transferred by means of a system that is approved under section 7 of the Securities Transfer Act 1991 . (3) Subject to subsection (1) of this section, the transfer of a share by a company in itself shall not be subject to any provisions in this Act or the company's constitution relating to the issue of shares, except to the extent the company's constitution expressly applies those provisions. (4) A company shall not grant an option to acquire a share it holds in itself or enter into any obligations to transfer such a share where the company has received notice in writing of a takeover offer made under the takeovers code in force under the Takeovers Act 1993 or, in the case of a company that is a party to a listing agreement with a stock exchange, where the exchange makes a public release to the sharemarket that a takeover offer for more than 20 percent of the company's shares is to be made. 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). Subsection (4) was amended, as from 25 October 2006, by section 30(1) Takeovers Amendment Act 2006 (2006 No 48) by substituting the words “ a takeover offer made under the takeovers code in force under the Takeovers Act 1993 ” for the words “ a takeover scheme under section 4 of the Companies Amendment Act 1963 ” . See sections 31 and 32 of that Act for the transitional provisions.