(1) 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.
(2) The terms of the proposed agreement must be authorised by a . . . resolution of the company before the agreement is entered into.
(3) That authority may be varied, revoked or from time to time renewed by a . . . resolution of the company.
(4) In the case of a public company a resolution conferring, varying or renewing authority must specify a date
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