Companies (Corporate Enforcement Authority) Act 2021


Amendment of section 503 of Principal Act

21. Section 503 of the Principal Act is amended, in subsection (4)—

(a) in paragraph (h), by the substitution of “company;” for “company; and”,

(b) in paragraph (i), by the substitution of “companies; and” for “companies.”, and

(c) by the insertion of the following paragraph after paragraph (i):

“(j) any fully paid shares previously issued by a successor company, and held by a transferor company, and which are acquired by a successor company in itself pursuant to a division under this Chapter, shall be deemed to be treasury shares held by the successor company concerned to which section 109 applies.”.