A company is permitted to hold treasury shares. All rights and obligations attached to a treasury share will be suspended and shall not be exercised by or against the company while the company holds the shares as treasury shares.
The company applying for re-registration has to be active, hence the Regulations stipulates a company to be re-registered at the time of its annual renewal. In short, if the company is active it can apply for re-registration
After the 31 December 2017, any existing company which has not been re-registered will cease to exist as the former legal entity and will be automatically re-registered as a RAKICC company. Any company thus re-registered will be permitted to carry out business upon submission of the relevant documents pertaining to re-registration.
Renewal applications shall be submitted 30 days prior from the date of expiry, where 30 days from the date of expiry is the grace period for processing without penalty. If the renewal is applied in 180 days from the date of expiry, a penalty will be charged for each month after the grace period.
Agent resignations for struck off companies will not be accepted as the company can be restored within the stipulated time, and at the time of such restoration the company should have a registered agent.