A company may only agree to a variation of a contract authorised under section 694 (authority for off-market purchase) if the variation is approved in advance in accordance with this section.

The terms of the variation must be authorised by a special resolution of the company before it is agreed to.

That authority may be varied, revoked or from time to time renewed by a special resolution of the company.

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 F1five years after the date on which the resolution is passed.

A resolution conferring, varying, revoking or renewing authority under this section is subject to—

• section 698 (exercise of voting rights), and

• section 699 (disclosure of details of variation).