A private limited company incorporated in England and Wales may hold, or deal with, shares in itself, if certain conditions set out in the Companies Act 2006 (CA 2006) are met. Those shares are held in treasury and referred to as the company's treasury shares. If a company does not wish to simply hold its treasury shares, it can: • sell them for cash consideration (for information on the sale/transfer of treasury shares for cash consideration, see Practice Note: Sale of treasury shares) • transfer them for the purposes of, or pursuant to, an employees' share scheme, (see Practice Note: Transfer of treasury shares to an employees' share scheme), or • cancel them (see Practice Note: Cancellation of treasury shares) As noted