P. U. (A) 391/98 COMPANIES (AMENDMENT) (NO.2) REGULATIONS 1998
Regulation 2. Amendment of regulation 18A.
The Companies Regulations 1966 [P.U.173/66], which in these Regulations are referred to as the "principal Regulations", are amended in regulation 18A-
(a) in subregulation (1)-
(i) by deleting the words "or to give financial assistance to a person to buy its shares";
(ii) in paragraph (a), by deleting the words "or to give financial assistance to a person to buy back its shares";
(iii) in paragraph (b), by deleting the word "and" at the end of that paragraph;
(iv) by inserting after paragraph (b) the following paragraph:
"(ba) the company will remain solvent after each buy back during the period of six months after the date of the declaration; and"; and
(v) in paragraphs (b) and (c), by deleting the words "or the giving of financial assistance"; and
(b) in subregulation (2), by substituting for paragraph (a) the following paragraph:
"(a) a company shall be deemed to be solvent if it is able to continue to meet its obligations as and when they become due without any substantial disposition of its assets outside the ordinary course of its business, restructuring its debts, externally forced revisions of its operations or other similar actions;".