(1) Where shares are held as treasury shares, the company may at any time -
(a) sell the shares (or any of them) for a cash consideration, or
(b) transfer the shares (or any of them) for the purposes of or pursuant to an employees' share scheme.
(2) In subsection (1)(a) "cash consideration" means -
(a) cash received by the company, or
(b) a cheque received by the company in good faith that the directors have no reason for suspecting will not be paid, or
(c) a release of a liability of the company for a liquidated sum, or
(d) an undertaking to pay cash to the company on or before a date not more than 90 days after the date on which the company agrees to sell the shares, or
(e) payment by any other means giving rise to a present or future entitlement (of the company or a person acting on the company's behalf) to a payment, or credit equivalent to payment, in cash.
For this purpose "cash" includes foreign currency.
(3) The Secretary of State may by order provide that particular means of p
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