1398. (1) Subject to subsection (2), the purchase by an investment company of its own shares shall be on such terms and in such manner as may be provided by its articles.

(2) An investment company shall not purchase its own shares, for the purposes referred to in section 1386(1)(b)(ii), unless they are fully paid, but nothing in this subsection shall prevent a purchase being made in accordance with section 1399(2).

(3) For the avoidance of doubt, nothing in this Act shall require an investment company to create any reserve account.