Section 63 - Purchase by a company of its own shares

Despite a provision of the constitution of the company to the contrary, a company shall not purchase any of the shares of the company except where

(a) shares are only purchased out of a credit balance on the share deals account referred to in section 65, or out of transfers to that account in the manner referred to in that section from retained earnings;

(b) redeemable preference shares are not purchased at a price greater than the lowest price at which they are then redeemable or will be redeemable at the next date at which they are due or liable to be redeemed; or

(c) the purchase is not made in breach of section 64.