C2C1Part 18Acquisition by limited company of its own shares
Pts. 1-39 (except for Pt. 7 and ss. 662-669), 45-47 extended (12.5.2011) by The Companies Act 2006 (Consequential Amendments and Transitional Provisions) Order 2011 (S.I. 2011/1265), art. 5(1), Sch. 1 para. 2
Chapter 3Redeemable shares
685Terms and manner of redemption
1
The directors of a limited company may determine the terms, conditions and manner of redemption of shares if they are authorised to do so—
a
by the company's articles, or
b
by a resolution of the company.
2
A resolution under subsection (1)(b) may be an ordinary resolution, even though it amends the company's articles.
3
Where the directors are authorised under subsection (1) to determine the terms, conditions and manner of redemption of shares—
a
they must do so before the shares are allotted, and
b
any obligation of the company to state in a statement of capital the rights attached to the shares extends to the terms, conditions and manner of redemption.
4
Where the directors are not so authorised, the terms, conditions and manner of redemption of any redeemable shares must be stated in the company's articles.
Pts. 1-39 modified (31.12.2020) by Regulation (EC) No. 2157/2001, Art. AAA1(3) (as inserted by The European Public Limited-Liability Company (Amendment etc.) (EU Exit) Regulations 2018 (S.I. 2018/1298), regs. 1, 97 (with regs. 140-145) (as amended by S.I. 2020/523, regs. 1(2), 5(a)-(f)); 2020 c. 1, Sch. 5 para. 1(1))