(1) [Subject to section 693A,] a company may only make an off-market purchase of its own shares in pursuance of a contract approved prior to the purchase in accordance with this section.
(a) the terms of the contract must be authorised by a . . . resolution of the company before the contract is entered into, or
(b) the contract must provide that no shares may be purchased in pursuance of the contract until its terms have been authorised by a . . . resolution of the company.
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