34. Treasury shares disabled
Where shares in an international business company are held by—
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(a) the international business company as treasury shares; or
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(b) another international business company of which the first international business company holds, directly or indirectly, shares having more than 50% of the votes in the election of directors of the other international business company,
the shares of the first international business company are not entitled to vote or to have dividends paid thereon and shall not be treated as outstanding for any purpose under this Act except for purposes of determining the capital of the first international business company. (Substituted by Act 14 of 2002)