Clause 25

by deleting subsections (3) to (3C) and substituting the following subsections:“(3) The total number of ordinary shares and stocks in any class that may be purchased or acquired by a company during the relevant period shall not exceed 10% (or such other percentage as the Minister may by notification prescribe) of the total number of ordinary shares and stocks of the company in that class ascertained —

as at the date of the last annual general meeting of the company held before any resolution passed pursuant to section 76C, 76D, 76DA or 76E; or

as at the date of such resolution,whichever is the higher, unless —

the company has, at any time during the relevant period, reduced its share capital by a special resolution under section 78B or 78C; or

the Court has, at any time during the relevant period, made an order under section 78I confirming the reduction of share capital of the company.(3A) Where a company has reduced its share capital by a special resolution under section 78B or 78C, or the Court has made an order under section 78I, the total number of ordinary shares and stocks of the company in any class shall, notwithstanding subsection (3)(a) and (b), be taken to be the total number of ordinary shares and stocks of the company in that class as altered by the special resolution of the company or the order of the Court, as the case may be.(3B) The total number of preference shares in any class which are not redeemable under section 70 that may be purchased or acquired by a company during the relevant period shall not exceed 10% (or such other percentage as the Minister may by notification prescribe) of the total number of non-redeemable preference shares of the company in that class ascertained —

as at the date of the last annual general meeting of the company held before any resolution passed pursuant to section 76C, 76D, 76DA or 76E; or

as at the date of such resolution,whichever is the higher, unless —

the company has, at any time during the relevant period, reduced its share capital by a special resolution under section 78B or 78C; or

the Court has, at any time during the relevant period, made an order under section 78I confirming the reduction of share capital of the company.(3C) Where a company has reduced its share capital by a special resolution under section 78B or 78C, or the Court has made an order under section 78I, the total number of non-redeemable preference shares of the company in any class shall, notwithstanding subsection (3B)(a) and (b), be taken to be the total number of non-redeemable preference shares of the company in that class as altered by the special resolution of the company or the order of the Court, as the case may be.”;

by inserting, immediately after subsection (3D), the following subsection:“(3E) For the purposes of this section, any of the company’s ordinary shares held as treasury shares shall be disregarded.”;

by deleting subsection (5) and substituting the following subsections:“(5) Ordinary shares that are purchased or acquired by a company pursuant to section 76C, 76D, 76DA or 76E shall, unless held in treasury in accordance with section 76H, be deemed to be cancelled immediately on purchase or acquisition.(5A) Preference shares that are purchased or acquired by a company pursuant to section 76C, 76D, 76DA or 76E shall be deemed to be cancelled immediately on purchase or acquisition.”;

by inserting, immediately after the words “subsection (5)” in subsection (6), the words “or (5A)”; and

by deleting paragraphs (b), (c) and (d) of subsection (9) and substituting the following paragraphs:“(b)the number of shares purchased or acquired;

the number of shares cancelled;

the number of shares held as treasury shares;

the company’s issued share capital before the purchase or acquisition;

the company’s issued share capital after the purchase or acquisition;

the amount of consideration paid by the company for the purchase or acquisition of the shares;

whether the shares were purchased or acquired out of the profits or the capital of the company; and

such other particulars as may be required in the prescribed form.”.