Part V

Share Capital, its Increase, Maintenance and Reduction
Chapter VII

Redeemable Shares; Purchase by a Company of its Own Shares

Supplementary

Power for Secretary of State to modify this Chapter.
179
1
The Secretary of State may by regulations made by statutory instrument modify the provisions of this Chapter with respect to any of the following matters—
a
the authority required for a purchase by a company of its own shares,
b
the authority required for the release by a company of its rights under a contract for the purchase of its own shares or a contract under which the company may (subject to any conditions) become entitled or obliged to purchase its own shares,
c
the information to be included in a return delivered by a company to the registrar of companies in accordance with section 169(1),
d
the matters to be dealt with in the statutory declaration of the directors under section 173 with a view to indicating their opinion of their company’s ability to make a proposed payment out of capital with due regard to its financial situation and prospects, and
e
the contents of the auditors’ report required by that section to be annexed to that declaration.
2
The Secretary of State may also by regulations so made make such provision (including modification of the provisions of this Chapter) as appears to him to be appropriate—
a
for wholly or partly relieving companies from the requirement of section 171(3)(a) that any available profits must be taken into account in determining the amount of the permissible capital payment for shares under that section, or
b
for permitting a company’s share premium account to be applied, to any extent appearing to the Secretary of State to be appropriate, in providing for the premiums payable on the redemption or purchase by the company of any of its own shares.
3
Regulations under this section—
a
may make such further modification of any provisions of this Chapter as appears to the Secretary of State to be reasonably necessary in consequence of any provision made under such regulations by virtue of subsection (1) or (2),
b
may make different provision for different cases or classes of case, and
c
may contain such further consequential provisions, and such incidental and supplementary provisions, as the Secretary of State thinks fit.
4
No regulations shall be made under this section unless a draft of the instrument containing them has been laid before Parliament and approved by resolution of each House.
S. 179 amended by Insolvency Act 1986 (c. 45, SIF 66), ss. 76(6), 79(3), 124(3)
Ss. 126-182 repealed (1.10.2009) by Companies Act 2006 (c. 46), ss. 1295, 1300, Sch. 16; S.I. 2008/2860, art. 4, Sch. 1 (with arts. 5, 7, 8, Sch. 2 (as amended by S.I. 2009/1802, art. 18, Sch.))