Companies (Amendment) Act 2019 · s 4

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s 4Amendment of section 72

Section 72 of the principal Act is amended—

(a)

in subsection (4), by substituting for the words

“The shares shall” the words “Subject to subsections (5)

and (6), the shares shall”; and

(b)

by substituting for subsection (5) the following subsection:

“(5) Where any such shares are redeemed out of profits pursuant to paragraph (4)(a) which would otherwise have been available for dividend, there shall be transferred into the share capital accounts of the company, a sum equal to the amount of the shares redeemed.”.