78 Treasury shares

(1) A company may hold shares that have been redeemed, purchased or
otherwise acquired under section 73 as treasury shares if —

(a) the memorandum or articles of the company do not prohibit it
from holding treasury shares;

(b) the directors resolve that shares to be redeemed, purchased or
otherwise acquired shall be held as treasury shares; and

(c) the number of shares purchased, redeemed or otherwise acquired,
when aggregated with shares of the same class already held by
the company as treasury shares, does not exceed fifty per cent of
the shares of that class previously issued by the company,
excluding shares that have been cancelled.

(2) All the rights and obligations attaching to a treasury share are suspended
and shall not be exercised by or against the company while it holds the
share as a treasury share.