| Commentary

209.2 Procedure for conferring authority

| Commentary

209.2 Procedure for conferring authority

Where a company makes an off-market purchase of its own shares, the shareholders must either authorise the purchase in accordance with the Companies Act 2006 Section 693A or approve the terms of the purchase contract in advance in accordance with the Companies Act 2006 Section 6941. The former path may be used where the authority for the off-market purchase is for the purposes, or pursuant to, an employee’s share scheme. In such a case, before the company makes the purchase it must first be authorised by a resolution of the company2. The authority may be

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