Version Superseded: 01/10/2009
Point in time view as at 22/11/2000. This version of this provision has been superseded.
There are currently no known outstanding effects for the Companies Act 1985, Section 168.
(1)A payment made by a company in consideration of—
(a)acquiring any right with respect to the purchase of its own shares in pursuance of a contract approved under section 165, or
(b)the variation of a contract approved under section 164 or 165, or
(c)the release of any of the company’s obligations with respect to the purchase of any of its own shares under a contract approved under section 164 or 165 or under a contract for a purchase authorised under section 166,
must be made out of the company’s distributable profits.
(2)If the requirements of subsection (1) are not satisfied in relation to a contract—
(a)in a case within paragraph (a) of the subsection, no purchase by the company of its own shares in pursuance of that contract is lawful under this Chapter,
(b)in a case within paragraph (b), no such purchase following the variation is lawful under this Chapter, and
(c)in a case within paragraph (c), the purported release is void.
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