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Companies Act 2006
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Companies Act 2006, Section 694 is up to date with all changes known to be in force on or before 16 November 2024. There are changes that may be brought into force at a future date. Changes that have been made appear in the content and are referenced with annotations.
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694Authority for off-market purchaseU.K.
This section has no associated Explanatory Notes
(1)[F1Subject to section 693A,] A company may only make an off-market purchase of its own shares in pursuance of a contract approved prior to the purchase in accordance with this section.
(2)Either—
(a)the terms of the contract must be authorised by a F2. . . resolution of the company before the contract is entered into, or
(b)the contract must provide that no shares may be purchased in pursuance of the contract until its terms have been authorised by a F3. . . resolution of the company.
(3)The contract may be a contract, entered into by the company and relating to shares in the company, that does not amount to a contract to purchase the shares but under which the company may (subject to any conditions) become entitled or obliged to purchase the shares.
(4)The authority conferred by a resolution under this section may be varied, revoked or from time to time renewed by a F4. . . resolution of the company.
(5)In the case of a public company a resolution conferring, varying or renewing authority must specify a date on which the authority is to expire, which must not be later than [F5five years] after the date on which the resolution is passed.
(6)A resolution conferring, varying, revoking or renewing authority under this section is subject to—
section 695 (exercise of voting rights), and
section 696 (disclosure of details of contract).
Textual Amendments
F1Words in s. 694(1) inserted (30.4.2013) by The Companies Act 2006 (Amendment of Part 18) Regulations 2013 (S.I. 2013/999), reg. 8
F2Word in s. 694(2)(a) omitted (30.4.2013) by virtue of The Companies Act 2006 (Amendment of Part 18) Regulations 2013 (S.I. 2013/999), reg. 5(a)
F3Word in s. 694(2)(b) omitted (30.4.2013) by virtue of The Companies Act 2006 (Amendment of Part 18) Regulations 2013 (S.I. 2013/999), reg. 5(a)
F4Word in s. 694(4) omitted (30.4.2013) by virtue of The Companies Act 2006 (Amendment of Part 18) Regulations 2013 (S.I. 2013/999), reg. 5(a)
F5Words in s. 694(5) substituted (1.10.2009) by The Companies (Share Capital and Acquisition by Company of its Own Shares) Regulations 2009 (S.I. 2009/2022), reg. 4(1)
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