Clause 52

by deleting subsection (1) and substituting the following subsections:“(1) Subject to subsection (1A), where shares are held by a private company as treasury shares, the company may at any time —

sell the shares (or any of them) for cash;

transfer the shares (or any of them) for the purposes of or pursuant to any share scheme, whether for employees, directors or other persons;

transfer the shares (or any of them) as consideration for the acquisition of shares in or assets of another company or assets of a person;

cancel the shares (or any of them); or

sell, transfer or otherwise use the treasury shares for such other purposes as the Minister may by order prescribe.(1A) A private company may cancel or dispose of treasury shares pursuant to subsection (1) by lodging a prescribed notice of the cancellation or disposal of treasury shares with the Registrar together with the prescribed fee.(1B) A cancellation or disposal of treasury shares by a private company on or after the date of commencement of section 52 of the Companies (Amendment) Act 2014 does not take effect until the electronic register of members of the company is updated by the Registrar under section 196A(5).(1C) Where shares are held by a public company as treasury shares, the company may at any time —

sell the shares (or any of them) for cash;

transfer the shares (or any of them) for the purposes of or pursuant to any share scheme, whether for its employees, directors or other persons;

transfer the shares (or any of them) as consideration for the acquisition of shares in or assets of another company or assets of a person;

cancel the shares (or any of them); or

sell, transfer or otherwise use the treasury shares for such other purposes as the Minister may by order prescribe.(1D) Where a public company cancels or disposes treasury shares in accordance with subsection (1C), the directors of the company shall lodge with the Registrar a prescribed notice of the cancellation or disposal of treasury shares together with the prescribed fee within 30 days after the cancellation or disposal of treasury shares.”;

by deleting the words “subsection (1)(a)” in subsection (2) and substituting the words “subsections (1)(a) and (1C)(a)”;

by deleting the words “subsection (1)” in subsection (3) and substituting the words “subsection (1) or (1C), as the case may be”;

by deleting the words “subsection (1)” in subsection (4) and substituting the words “subsection (1) or (1C), as the case may be,”; and

by deleting subsection (5).