Companies Act (Cap. 386), article 109

109. During the time that a company holds any of its own shares - (a) they shall carry no voting rights notwithstanding any provisions to the contrary in the company’s memorandum or articles; and (b) if the shares are included among the assets of the company shown in the balance sheet, a reserve of the same amount, unavailable for distribution, shall be included among the reserves: Provided that following the cancellation of the shares pursuant to the provisions of article 106(6) or article 107(2), the reserves referred to in paragraph (b) shall become distributable. 68 CAP. 386.] COMP ANIES Undertaking may not subscribe for or acquire shares in its parent company or provide financial assistance for the purchase of, or subscription for, its own or its parent company’s shares. Amended by: IV . 2003.57; IX. 2008.13.