Regulation 40 Investment companies with variable capital

(1) This Regulation applies to an investment company with variable capital authorised under these Regulations.

(2) A company to which this Regulation applies shall include the words "investment company with variable capital" or "cuideachta infheistíochta le caipiteal athraitheach" on all its deeds, announcements, publications, letters and other documents.

(3)

(a) Subject to this Regulation, a company to which this Regulation applies may, if so authorised by its articles, repurchase its own shares provided that no such shares shall be repurchased unless they are fully paid.

(b) Subject to this Regulation, the repurchase of shares may be effected on such terms and in such a manner as may be provided for by the articles of the company.

(4)

(a) Subject to this paragraph and Regulation 104, a company to which this Regulation applies shall, if requested to do so by a shareholder, repurchase such of the shareholders shares as may be requested by the shareholder.

(b) Shares which have been re

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