599. Exceptions to general rule

(1) A limited company may acquire any of its own fully paid shares otherwise than for valuable consideration.
(2) Section 598 does not prohibit-
(a) the acquisition of shares in a reduction of capital duly made,
(b) the purchase of shares in pursuance of an order of the Court under-
(i) section 82 (application to Court to cancel resolution for re-registration as a private company),
(ii) section 663(6) (powers of Court on objection to redemption or purchase of shares out of capital),
(iii) section 697 (remedial order in case of breach of prohibition of public offers by private company), or
(iv) Part 28 (protection of members against unfair prejudice),
(c) the forfeiture of shares, or the acceptance of shares surrendered in lieu, in pursuance of the company’s articles, for failure to pay any sum payable in respect of the shares.