Section 678(3)

Where— it is not lawful for that company, or a company that is a subsidiary of that company, to give financial assistance directly or indirectly for the purpose of reducing or discharging the liability if, at the time the assistance is given, the company in which the shares were acquired is a public company. a person has acquired shares in a company, and a liability has been incurred (by that or another person) for the purpose of the acquisition,

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Source: legislation.gov.uk · retrieved 2026-09-04