Companies Ordinance Cap 32

Section Num: 49C    Version Date 30/06/1997

Payments apart from purchase price to be made out of distributable profits

A payment made by a company in consideration of-

(a) acquiring any right with respect to the purchase of its own shares permitted under section 49B;

(b) acquiring any right with respect to the purchase of its own shares in pursuance of a contract approved under section 49E;

(c) the variation of a contract permitted under section 49B or approved under section 49D or 49E; or

(d) the release of any of the company's obligations with respect to the purchase of any of its own shares under a contract permitted under section 49B or approved under section 49D or 49E, shall be made out of the company's distributable profits.

(Added 77 of 1991 s. 4)

[cf. 1985 c. 6 s. 168 U.K.]