Restrictions on purchase by company, or loans by company for purchase, of its own or its holding company's shares.

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..... (1) No company limited by shares, and no company limited by guarantee and having a share capital, shall have power to buy its own shares, unless the consequent reduction of capital is effected and sanctioned in pursuance of sections 100 to 104 or of section 402. (2) No public company, and no private company which is a subsidiary of a public company, shall give, whether directly or indirect .....

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..... lding a salaried office or employment in the company; or (c) the making by a company of loans, within the limit laid down in sub-section (3) to persons (other than directors [1] [* * *] or managers) bona fide in the employment of the company with a view to enabling those persons to purchase or subscribe for fully paid shares in the company or its holding company to be held by themselves .....

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