(1) Where shares are held as treasury shares, the company may at any time—
(a) sell the shares (or any of them) for a cash consideration, or
(b) transfer the shares (or any of them) for the purposes of or pursuant to an employees' share scheme.
(2) In subsection (1)(a) “cash consideration” means—
(a) cash received by the company, or
(b) a cheque received by the company in good faith that the directors have no reason for suspecting will not be paid, or
(c) a release of a liability of the company for a liquidated sum, or
(d) an undertaking
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