77 Redemptions or purchases deemed not to be a distribution

The redemption, purchase or other acquisition by a company of one or more of
its own shares is deemed not to be a distribution where —
to be a distribution

(a) the company redeems the share or shares under and in accordance with
section 76;

(b) the company otherwise redeems the share or shares pursuant to a right of a
shareholder to have his shares redeemed or to have his shares exchanged
for money or other property of the company; or

(c) the company redeems, purchases or otherwise acquires the share or shares
by virtue of the provisions of section 207 (Redemption of minority shares)
or section 210 (Rights of dissenters).