697Variation of contract for off-market purchaseU.K.
(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).
Textual Amendments
F1Words in s. 697(4) substituted (1.10.2009) by The Companies (Share Capital and Acquisition by Company of its Own Shares) Regulations 2009 (S.I. 2009/2022), reg. 4(1)