Companies Act, 1990
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Off-market and market purchases. |
212.—(1) For the purposes of sections 213 and 215 , a purchase by a company of its own shares is— | |
(a) an “off-market purchase” if the shares are purchased either— | ||
(i) otherwise than on a recognised stock exchange, or | ||
(ii) on a recognised stock exchange but are not subject to a marketing arrangement on that stock exchange, | ||
(b) a “market purchase” if the shares are purchased on a recognised stock exchange and are subject to a marketing arrangement. | ||
(2) For the purposes of subsection (1), a company's shares are subject to a marketing arrangement on a recognised stock exchange if either— | ||
(a) they are listed on that stock exchange, or | ||
(b) the company has been afforded facilities for dealings in those shares to take place on that stock exchange without prior permission for individual transactions from the authority governing that stock exchange and without limit as to the time during which those facilities are to be available. |