Section 728 | Treasury shares: notice of disposal

(1)Where shares held by a company as treasury shares—

(a)are sold, or

(b)are transferred for the purposes of an employees' share scheme,

the company must deliver a return to the registrar not later than 28 days after the shares are disposed of.

(2)The return must state with respect to shares of each class disposed of—

(a)the number and nominal value of the shares, and

(b)the date on which they were disposed of.

(3)Particulars of shares disposed of on different dates may be included in a single return.

(4)If default is made in complying with this section an offence is committed by every officer of the company who is in default.

(5)A person guilty of an offence under this section is liable—

(a)on conviction on indictment, to a fine;

(b)on summary conviction, to a fine not exceeding the statutory maximum and, for continued contravention, a daily default fine not exceeding one-tenth of the statutory maximumone-tenth of the greater of £5,000 or the amount corresponding to level 4 on the standard scale for summary offences.^F1