(1) A declaration made under regulation 18A shall be valid for shares buy back for a period of six months after the date it was made unless earlier revoked under paragraph (2) .

(2) If during the period specified in paragraph (1) a director is of the opinion that it is likely that the company will not remain solvent, he shall, as soon as practicable-

(a) sign a notice stating that he is of that opinion;

(b) give the notice to the company; and

(c) lodge a copy of the notice with the Registrar, the Stock Exchange and the Securities Commission,