(1) Subject to the provisions of this section, a company mayinstead of cancelling shares upon their redemption hold them (as "treasury shares") and shares so held may be dealt with by the company in the manner provided for in subsection (4) but not otherwise.
(a) The nominal value of treasury shares held by a company may not, at any one time, exceed ten per cent of the nominal value of the issued share capital of the company.
(b) For the purposes of paragraph (a), the following shall also be deemed to be shares held by the company -
(i) shares held in the company by any subsidiary in pursuance of section 224, and
(ii) shares held in the company by any subsidiary in pursuance of section 9 of the Insurance Act, 1990, and
(iii) shares held in the company by any person acting in his own name but on the company's behalf.
(3) 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