(1) The nominal value of treasury shares held by a company may not, at any one time, exceed 10 per cent of its company capital.
(2) For the purposes of subsection (1), the following shall also be deemed to be treasury shares held by the company -
(a) shares held in the company by any subsidiary in pursuance of section 114;
(b) shares held in the company by any person acting in his or her own name but on the company's behalf;
(c)shares previously issued by a successor company, and held by a transferor company, which are acquired by a successor company pursuant to section 480 or 503.
(3) For the purposes of subsection (1), shares of the company acquired by it otherwise than for valuable consideration shall not be deemed to be treasury shares.
(4) For so long as the company holds shares as treasury shares -
(a) the company shall not exercise any voting rights in respect of those shares and any purported exercise of those rights shall be void; and
(b) no dividend or other payment (includin
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