693 Authority for purchase of own shares
Companies Act 2006 | Legislation

Authority for purchase of own shares

693  Authority for purchase of own shares

(1)     A limited company may only purchase its own shares—

(a)     by an off-market purchase, [authorised in accordance with section 693A or] in pursuance of a contract approved in advance in accordance with section 694;

(b)     by a market purchase, authorised in accordance with section 701.

(2)     A purchase is “off-market” if the shares either—

(a)     are purchased otherwise than on a recognised investment exchange, or

(b)     are purchased on a recognised investment exchange but are not subject to a marketing arrangement on the exchange.

(3)     For this purpose a company's

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