PART V

Share Capital, its Increase, Maintenance and Reduction
CHAPTER VII

Redeemable Shares ; Purchase by a Company of its Own Shares

Redemption and purchase generally

Assignment or release of company's right to purchase own shares
167
1
The rights of a company under a contract approved under section 164 or 165, or under a contract for a purchase authorised under section 166, are not capable of being assigned.
2
An agreement by a company to release its rights under a contract approved under section 164 or 165 is void unless the terms of the release agreement are approved in advance by a special resolution of the company before the agreement is entered into ; and subsections (3) to (7) of section 164 apply to approval for a proposed release agreement as to authority for a proposed variation of an existing contract.