C1Part 18Acquisition by limited company of its own shares
Chapter 4Purchase of own shares
Authority for off-market purchase
696Resolution authorising off-market purchase: disclosure of details of contract
1
This section applies in relation to a resolution to confer, vary, revoke or renew authority for the purposes of section 694 (authority for off-market purchase of own shares).
2
A copy of the contract (if it is in writing) or a memorandum setting out its terms (if it is not) must be made available to members—
a
in the case of a written resolution, by being sent or submitted to every eligible member at or before the time at which the proposed resolution is sent or submitted to him;
b
in the case of a resolution at a meeting, by being made available for inspection by members of the company both—
i
at the company's registered office for not less than 15 days ending with the date of the meeting, and
ii
at the meeting itself.
3
A memorandum of contract terms so made available must include the names of the members holding shares to which the contract relates.
4
A copy of the contract so made available must have annexed to it a written memorandum specifying such of those names as do not appear in the contract itself.
5
The resolution is not validly passed if the requirements of this section are not complied with
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