Point in time view as at 06/04/2015.
Companies Act 2006, Section 700 is up to date with all changes known to be in force on or before 06 March 2025. 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.
(1)An agreement by a company to release its rights under a contract approved under section 694 (authorisation of off-market purchase) is void unless the terms of the release agreement are approved in advance in accordance with this section.
(2)The terms of the proposed agreement must be authorised by a F1. . . resolution of the company before the agreement is entered into.
(3)That authority may be varied, revoked or from time to time renewed by a F2. . . resolution of the company.
(4)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 [F3five years] after the date on which the resolution is passed.
(5)The provisions of—
section 698 (exercise of voting rights), and
section 699 (disclosure of details of variation),
apply to a resolution authorising a proposed release agreement as they apply to a resolution authorising a proposed variation.
Textual Amendments
F1Word in s. 700(2) omitted (30.4.2013) by virtue of The Companies Act 2006 (Amendment of Part 18) Regulations 2013 (S.I. 2013/999), reg. 5(c)
F2Word in s. 700(3) omitted (30.4.2013) by virtue of The Companies Act 2006 (Amendment of Part 18) Regulations 2013 (S.I. 2013/999), reg. 5(c)
F3Words in s. 700(4) 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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