678 Assistance for acquisition of shares in public company
Companies Act 2006 | Legislation

Circumstances in which financial assistance prohibited

678  Assistance for acquisition of shares in public company

(1)     Where a person is acquiring or proposing to acquire shares in a public company, 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 the acquisition before or at the same time as the acquisition takes place.

(2)     Subsection (1) does not prohibit a company from giving financial assistance for the acquisition of shares in it or its holding company if—

(a)     the company's principal purpose

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