Version Superseded: 01/10/2009
Point in time view as at 19/06/2001. This version of this provision has been superseded.
There are currently no known outstanding effects for the Companies Act 1985, Section 167.
(1)The rights of a company under a contract approved under section 164 or 165, or under a contract for a purchase authorised under section 166, are not capable of being assigned.
(2)An agreement by a company to release its rights under a contract approved under section 164 or 165 is void unless the terms of the release agreement are approved in advance by a special resolution of the company before the agreement is entered into; and subsections (3) to (7) of section 164 apply to approval for a proposed release agreement as to authority for a proposed variation of an existing contract.
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