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 purpose of or pursuant to an employees’ share scheme.
Companies and Allied Matters Act 2020 · Part B · Chapter 8
Section 189Re-issue of shares acquired
Cite as: Companies and Allied Matters Act 2020, section 189
What this section means
From the guide: Transferring shares, transmission and share buybacks under CAMA 2020
- Treasury shares carry no votes or dividends, and the company can sell them for cash or transfer them for an employee share scheme (sections 187 and 189).
Read the whole subject
Source: Companies and Allied Matters Act 2020 (Act No. 3 of 2020), Official Gazette No. 124, Lagos, 10 August 2020. General information, not legal advice.