Section 700

An agreement by a company to release its rights under a contract approved under section 694 (authorisation of off-market purchase) is void unless the terms of the release agreement are approved in advance in accordance with this section. The terms of the proposed agreement must be authorised by a . . . resolution of the company before the agreement is entered into. 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. The provisions of— apply to a resolution authorising a proposed release agreement as they apply to a resolution authorising a proposed variation. section 698 (exercise of voting rights), and section 699 (disclosure of details of variation),

← 6 · All articles · 1 →

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