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3.—(1) Section 692 (financing purchase of own shares) is amended as follows.
(2) For subsection (1) substitute—
“(1) A private limited company may purchase its own shares out of capital in accordance with Chapter 5.
(1ZA) If authorised to do so by its articles, a private limited company may purchase its own shares out of capital otherwise than in accordance with Chapter 5, up to an aggregate purchase price in a financial year of the lower of—
(a)£15,000, or
(b)the nominal value of 5% of its fully paid share capital as at the beginning of the financial year.”
(3) In subsection (1A) for “(1)(b)(ii)” substitute “(1ZA)(b)”.
(4) In subsection (2) for “subsection (1)” substitute “subsections (1) and (1ZA)”.
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