829 Meaning of “distribution”
Companies Act 2006 | Legislation

Part 23 Distributions

Chapter 1
Restrictions on When Distributions may be Made

Introductory

829  Meaning of “distribution”

(1)     In this Part “distribution” means every description of distribution of a company's assets to its members, whether in cash or otherwise, subject to the following exceptions.

(2)     The following are not distributions for the purposes of this Part—

(a)     an issue of shares as fully or partly paid bonus shares;

(b)     the reduction of share capital—

(i)     by extinguishing or reducing the liability of any of the members on any of the company's shares in respect of share capital not paid up, or

(ii)     by repaying

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