C1Part 18Acquisition by limited company of its own shares
Chapter 4Purchase of own shares
Authority for off-market purchase
697Variation of contract for off-market purchase
1
A company may only agree to a variation of a contract authorised under section 694 (authority for off-market purchase) if the variation is approved in advance in accordance with this section.
2
The terms of the variation must be authorised by a special resolution of the company before it is agreed to.
3
That authority may be varied, revoked or from time to time renewed by a special resolution of the company.
4
In the case of a public company a resolution conferring, varying or renewing authority must specify a date on which the authority is to expire, which must not be later than F1five years after the date on which the resolution is passed.
5
A resolution conferring, varying, revoking or renewing authority under this section is subject to—
section 698 (exercise of voting rights), and
section 699 (disclosure of details of variation).
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