Companies Act 2006 (c. 46)

Part 18 U.K. Acquisition by limited company of its own shares

Modifications etc. (not altering text)

C1 Pts. 1-39 (except for Pt. 7 and ss. 662-669), 45-47 extended (12.5.2011) by The Companies Act 2006 (Consequential Amendments and Transitional Provisions) Order 2011 (S.I. 2011/1265), art. 5(1), Sch. 1 para. 2

Chapter 5 U.K. Redemption or purchase by private company out of capital

Requirements for payment out of capital U.K.

716 Payment to be approved by special resolution U.K.

(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).