ADVOKS GLOBAL · KENYA
Companies Act
531. Cancellation of treasury shares
Edition: 2024-12-27 · In force
531. Cancellation of treasury shares
(1)A company that holds shares may at any time cancel all or any of the shares.(2)As soon as shares held by a company as treasury shares cease to be qualifying shares, the company shall cancel them.(3)For purpose of subsection (2), shares do not cease to be qualifying shares only because trading in them is suspended in accordance with the rules of the approved securities exchange on which they are traded.(4)On the cancellation by a company of share held as treasury shares, the amount of the company's share capital is reduced by the nominal amount of the cancelled shares.(5)The directors of the company may take such measures as are required to enable the company to cancel its shares under this section without complying with Part XVI.