69. Transfer of certain sums to capital redemption reserve account
(1) Where a company purchases its own shares out of free reserves or securities
premium account, a sum equal to the nominal value of the shares so purchased shall be
transferred to the capital redemption reserve account and details of such transfer shall be
disclosed in the balance sheet.
(2) The capital redemption reserve account may be applied by the company, in paying
up unissued shares of the company to be issued to members of the company as fully paid
bonus shares.