671. Treasury shares: notice of cancellation

(1) Where shares held by a company as treasury shares are cancelled, the company must deliver a return to—
(a) (in the case of a company other than a restricted scope company) the Registrar, or
(b) (in the case of a restricted scope company) each of its members,
not later than 28 days after the shares are cancelled.

This does not apply to shares that are cancelled forthwith on their acquisition by the company (see section 648).
(2) The return must state with respect to shares of each class cancelled—
(a) the number and issue price of the shares, and
(b) the date on which they were cancelled.
(3) Particulars of shares cancelled on different dates may be included in a single return.
(4) The notice must be accompanied by a statement of capital.
(5) The statement of capital must state with respect to the company's share capital immediately following the cancellation—
(a) the total number of shares of the company,
(b) the aggregate issue price of those shares,
(c) for each class of shares—
(i) prescribed particulars of the rights attached to the shares,
(ii) the total number of shares of that class, and
(iii) the aggregate issue price of shares of that class, and
(d) the amount paid up and the amount (if any) unpaid on each share.
(6) If default is made in complying with this section, a contravention of these Regulations is committed by—
(a) the company, and
(b) every officer of the company who is in default.
(7) A person who commits a contravention of this section is liable to a level 2 fine.
(8) This section does not apply to restricted scope companies.