P. U. (A) 391/98 COMPANIES (AMENDMENT) (NO.2) REGULATIONS 1998
Regulation 4. New regulation 18BA.
The principal Regulations are amended by inserting after regulation 18B the following regulation:
Period of validity of declaration.
18BA. (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,
and upon the lodgement of the notice the declaration shall be deemed to be revoked.".