(1) Where shares held by a company as treasury shares—
(a) are sold, or
(b) are transferred for the purposes of an employees' share scheme,
the company must deliver a return to the registrar not later than 28 days after the shares are disposed of.
(2) The return must state with respect to shares of each class disposed of—
(a) the number and nominal value of the shares, and
(b) the date on which they were disposed of.
(3) Particulars of shares disposed of on different dates may be included in a single return.
(4) If default is made in complying with this section an offence is committed by every officer of the company who is in default.
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