COMPANIES ACT - 1963 (ACT 179)

    Section - 61 - Purchase by a Company of its Own Shares

    Notwithstanding any provision in the Regulations, a company shall not purchase any of its own shares except on compliance with the following conditions, that is to say,

    (a) shares shall only be purchased out of a credit balance on the share deals account referred to in section 63 of this Code or out of transfers to that account in the manner referred to in that section from income surplus as defined in section 70 of this Code;

    (b) redeemable preference shares shall not be purchased at a price greater than the lowest price at which they are then redeemable or will be redeemable at the next date thereafter at which they are due or liable to be redeemed;

    (c) no purchase shall be made in breach of section 62 of this Code.