以下是高顿网校为大家整理的：F4公司法与商法第二十五章，希望对考生们有所帮助。
 
　　4 Purchase or redemption of shares – public and private companies (ss.159/162)
　　4.1 (a) The issue of redeemable shares must be authorised by the articles
　　(Table A gives authority).
　　(b) Redeemable shares may ONLY be issued if there are some non?redeemable shares in issue.
　　(c) Any company may purchase its own shares if authorised to do so by its articles (Table A gives authority)
　　(d) After the re?purchase some non redeemable shares must remain in issue.
　　(e) Redeemable shares must be fully paid up before being redeemed.
 
　　Effect on the creditors’ buffer
　　4.2 If the purchasing company is a plc the creditors’ buffer must be maintained, this can be achieved by a fresh issue or if necessary by transferring profits to an undistributable Capital Redemption Reserve
 
　　Transfer to the capital redemption reserve
　　4.3 Example
　　X plc wants to repurchase 50 shares at par value of ?50. It has distributable profits of ?5,000. Show how the transaction would be represented.
　　BEFORE BUY BACKAFTER BUY BACK
　　Share capital 100
　　Share premium 50
　　R*uation reserve –
　　Capital redemption reserve –
　　150
　　DP’s 500
　　Answer
　　AFTER BUY BACK
　　Share capital 50
　　Share premium 50
　　R*uation reserve –
　　Capital redemption reserve 50
　　150
　　DP’s 450
 
　　Premium on redemption
　　4.4 This may be charged to the share premium account and may not exceed the lower of:
　　(a) the proceeds of any fresh issue; and
　　(b) the premium received on the original issue of the shares being redeemed; and
　　(c) the balance of the share premium account (including the premium of any fresh issue).
 
　　Conditions
　　4.5 (a) These depend upon whether it is
　　(i) a market purchase, or
　　(ii) an off?market purchase.
　　(b) Market Purchase
　　(i) This requires an ordinary resolution
　　(ii) The resolution must be delivered to the Registrar within 15 days.
　　(c) Off Market Purchase
　　(i) This requires a special resolution. s.164(2)
　　(ii) The resolution must state "the terms of the contract".
　　(iii) Voting
　　Voting is by show of hands or a poll (which any member can demand).
　　A vendor cannot vote. s.164(5)
　　(d) Details to be delivered to the Registrar s.169
　　All companies must send full details within 28 days of the purchase.
 
　　高顿网校小编寄语：向着某一天终于要达到的那个终极目标迈步还不够，还要把每一步骤看成目标，使它作为步骤而起作用。

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