C1Part 18Acquisition by limited company of its own shares

Annotations:
Modifications etc. (not altering text)

Chapter 5Redemption or purchase by private company out of capital

Requirements for payment out of capital

716Payment to be approved by special resolution

1

The payment out of capital must be approved by a special resolution of the company.

2

The resolution must be passed on, or within the week immediately following, the date on which the directors make the statement required by section 714.

3

A resolution under this section is subject to—

  • section 717 (exercise of voting rights), and

  • section 718 (disclosure of directors' statement and auditors' report).