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Companies Act 2006
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700Release of company's rights under contract for off-market purchaseU.K.
This section has no associated Explanatory Notes
(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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