Section 69: Purchase of own shares

69. Purchase of own shares (1) A company may, subject to— (a) the approval of the Board; (b) its constitution authorising it to do so, purchase or otherwise acquire its own shares. [Issue 1] C35 – 54 Revised Laws of Mauritius (2) The company shall not offer or agree to purchase or otherwise acquire its own shares unless— (a) the Board is satisfied that— (i) the acquisition is in the best interests of the company; (ii) the terms of the offer or agreement and the consideration to be paid for the shares are fair and reasonable to the company; (iii) in any case where the offer is not made to, or the agreement is not entered into with, all shareholders, the offer or the agreement, as the case may be, is fair to those shareholders to whom the offer is not made, or with whom no agreement is entered into; (iv) shareholders to whom the offer is made have available to them any information which is material to an assessment of the value of the shares; and (v) the company shall immediately after the acquisition satisfy the solvency test; and (b) the Board has disclosed to shareholders or members or otherwise has made available to them all information which is material to the assessment of the value of the shares. (3) Any offer by a company to purchase or otherwise acquire its own shares on a securities exchange shall be made in accordance with such conditions as may be prescribed under the Securities Act. [S. 69 amended by Act 156 (1) (c) of Act 22 of 2005 w.e.f. 28 September 2007.]