COMPANIES ACT - 1963 (ACT 179)

    Section - 65 - Acquisition of Shares of Holding Company

    (1) Notwithstanding section 56 of this Code, a company which is a subsidiary may acquire shares in its holding company, where the subsidiary company is concerned as personal representative or trustee unless the holding company or any subsidiary thereof is beneficially interested otherwise than by way of security for the purposes of a transaction entered into by it in the ordinary course of a business which includes the lending of money.

    (2) A subsidiary which is, at the commencement of this Code, a holder of shares of its holding company or a subsidiary which acquired shares in its holding company before it became a subsidiary of that holding company may continue to hold such shares but, subject to the last foregoing subsection, shall have no right to vote at meetings of the holding company or any class of shareholders thereof and shall not acquire any future shares therein except on a capitalisation issue in accordance with subsection (1) of section 74 of this Code.