Companies Act (Cap. 386), article 105

105. (1) A company shall not subscribe for any of its own shares, whether on original subscription or on any subsequent subscription, and if any of its shares have been subscribed for by a person acting in his own name but on behalf of the company the subscriber shall be deemed to have subscribed for them for his own account. (2) On the registration of a company, the subscribers to the memorandum shall be jointly and severally liable to pay for the shares subscribed in contravention of sub-article (1). (3) In the case of an increase in the issued share capital, the members and directors shall be liable jointly and severally to pay for the shares subscribed in contravention of sub-article (1) provided that any member or director may be released from such liability if he proves that the breach occurred through no fault of his own. Conditions in which a company may acquire its own shares. Amended by: IX. 2008.12; XX. 2013.80; XVIII.2024.7. Cap. 476.