C2C1Part 18Acquisition by limited company of its own shares
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
Chapter 5Redemption or purchase by private company out of capital
Requirements for payment out of capital
717Resolution authorising payment: exercise of voting rights
1
This section applies to a resolution under section 716 (authority for payment out of capital for redemption or purchase of own shares).
2
Where the resolution is proposed as a written resolution, a member who holds shares to which the resolution relates is not an eligible member.
3
Where the resolution is proposed at a meeting of the company, it is not effective if—
a
any member of the company holding shares to which the resolution relates exercises the voting rights carried by any of those shares in voting on the resolution, and
b
the resolution would not have been passed if he had not done so.
4
For this purpose—
a
a member who holds shares to which the resolution relates is regarded as exercising the voting rights carried by those shares not only if he votes in respect of them on a poll on the question whether the resolution shall be passed, but also if he votes on the resolution otherwise than on a poll;
b
any member of the company may demand a poll on that question;
c
a vote and a demand for a poll by a person as proxy for a member are the same respectively as a vote and a demand by the member.
Pts. 1-39 modified (31.12.2020) by Regulation (EC) No. 2157/2001, Art. AAA1(3) (as inserted by The European Public Limited-Liability Company (Amendment etc.) (EU Exit) Regulations 2018 (S.I. 2018/1298), regs. 1, 97 (with regs. 140-145) (as amended by S.I. 2020/523, regs. 1(2), 5(a)-(f)); 2020 c. 1, Sch. 5 para. 1(1))