[F180A Election by private company as to duration of authority.E+W+S
(1)A private company may elect (by elective resolution in accordance with section 379A) that the provisions of this section shall apply, instead of the provisions of section 80(4) and (5), in relation to the giving or renewal, after the election, of an authority under that section.
(2)The authority must state the maximum amount of relevant securities that may be allotted under it and may be given—
(a)for an indefinite period, or
(b)for a fixed period, in which case it must state the date on which it will expire.
(3)In either case an authority (including an authority contained in the articles) may be revoked or varied by the company in general meeting.
(4)An authority given for a fixed period may be renewed or further renewed by the company in general meeting.
(5)A resolution renewing an authority—
(a)must state, or re-state, the amount of relevant securities which may be allotted under the authority or, as the case may be, the amount remaining to be allotted under it, and
(b)must state whether the authority is renewed for an indefinite period or for a fixed period, in which case it must state the date on which the renewed authority will expire.
(6)The references in this section to the maximum amount of relevant securities that may be allotted shall be construed in accordance with section 80(6).
(7)If an election under this section ceases to have effect, an authority then in force which was given for an indefinite period or for a fixed period of more than five years—
(a)if given five years or more before the election ceases to have effect, shall expire forthwith, and
(b)otherwise, shall have effect as if it had been given for a fixed period of five years.]
Textual Amendments
F1S. 80A inserted (subject to the transitional and savings provisions as mentioned in S.I. 1990/355, arts. 4, 10, Sch. 4) by Companies Act 1989 (c. 40, SIF 27), ss. 115(1), 213(2)