598. General rule against limited company acquiring its own shares

(1) A limited company must not acquire its own shares, whether by purchase, subscription or otherwise, except in accordance with the provisions of this Part.
(2) If a company purports to act in contravention of this section—
(a) a contravention of these Regulations is committed by—
(i) the company, and
(ii) every officer of the company who is in default, and
(b) the purported acquisition is void.
(3) A person who commits a contravention of this section is liable to a fine of up to level 8.