Section 71: Cancellation of shares repurchased
consolidated text (as at 2018, amended since). juris shows the text as it was consolidated; it does not confirm that this is the law in force today.
71. Cancellation of shares repurchased
(1) Subject to sections 72 to 74, shares that are acquired by a company
pursuant to section 69 or 110, or redeemed pursuant to sections 76 to 80,
are deemed to be cancelled immediately on acquisition.
(2) For the purpose of subsection (1), shares are acquired on the date on
which the company would, in the absence of this section, become entitled to
exercise the rights attached to the shares.
Sub-Part D – Treasury Shares
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Questions this section answers
- Are shares my company buys back automatically cancelled on acquisition?