669. Treasury shares: notice of disposal

(1) Where shares held by a company as treasury shares—
(a) are sold, or
(b) are transferred for the purposes of an employees' share scheme,
the company must deliver a return to—
(i) (in the case of a company other than a restricted scope company) the Registrar, or
(ii) (in the case of a restricted scope company) each of its members,
not later than 28 days after the shares are disposed of.
(2) The return must state with respect to shares of each class disposed of—
(a) the number and value of the shares, and
(b) the date on which they were disposed of.
(3) Particulars of shares disposed of on different dates may be included in a single return.
(4) If default is made in complying with this section a contravention of these Regulations is committed by every officer of the company who is in default.
(5) A person who commits a contravention of this section is liable to a level 2 fine.