(1) Where shares are held as treasury shares, the company may at any time cancel the shares (or any of them).
(2) . . .
(3) . . .
(4) If company cancels shares held as treasury shares, the amount of the company's share capital is reduced accordingly by the nominal amount of the shares cancelled.
(5) The directors may take any steps required to enable the company to cancel its shares under this section without complying with the provisions of Chapter 10 of Part 17 (reduction of share capital).
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