Companies Act (Cap. 386), article 108

108. (1) If shares acquired or held in contravention of article 106 and of article 107(1) are not disposed of within one year o f their acquisition, the company sha ll cancel such shares within six months of the expiry of the said year. (2) Where shares are cancelled pursuant to sub-article (1) the provisions of article 83 shall apply subject to the proviso to article 107(3). (3) If the company fails to comply with sub-article (1) within the time limit prescribed, any member or director of the compan y may apply to the court for an or der that such shares be cancell ed. Conditions for acquisition by a company of its own shares where permitted by law. Amended by: IV . 2003.56; XVIII.2024.9.