Section 697

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. The terms of the variation must be authorised by a . . . resolution of the company before it is agreed to. That authority may be varied, revoked or from time to time renewed by a . . . resolution of the company. 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 five years after the date on which the resolution is passed. 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).

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