Section 493 of The Companies Act No. 17 of 2015: Distributions in kind: treatment of unrealised profits
(1) This section applies if—
(a) a company makes a distribution consisting of or including, or treated as arising in consequence of, the sale, transfer or other disposition by the company of a non-cash asset; and
(b) any part of the amount at which that asset is stated in the relevant accounts represents an unrealised profit.
(2) For the purpose of this Part, the profit is treated as a realised profit—
(a) for the purpose of determining the lawfulness of the distribution in accordance with this Part (whether before or after the distribution takes place); and
(b) in relation to anything done with a view to or in connection with the making of the distribution, for the purpose of the application of any provision of the regulations (if any) under which only realised profits are to be included in, or transferred to, the profit and loss account.
(b) if the regulations make provision in relation to the making of distributions —for the purpose of the application of any provision of the regulations under which only realised profits are to be included in, or transferred to, the profit and loss account.
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- Section 494 - Consequences of unlawful distribution
(1) This section applies to a distribution, or part of a distribution, that is made by a company to one of its members in contravention of this Part.
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(b) letters of administration, of the estate of a deceased person;...
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(2) In particular, those regulations...
- Section 507 - Power to make regulations requiring arrangements to be adopted
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(b) by a resolution...
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- Section 529 - Disposal of treasury shares
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(a) sell the shares, or any of them, for a cash consideration; or
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- Section 531 - Cancellation of treasury shares
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(1) A person who—
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(1) This section applies if shares are subject to restrictions imposed by an order under section 537.
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- Section 543 - Removal of restrictions
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(2) An application for an order under this section may be made by the...