(1) A payment made by a company in consideration of—
(a) acquiring any right with respect to the purchase of its own shares in pursuance of a contingent purchase contract approved under section 694 (authorisation of off-market purchase),
(b) the variation of any contract approved under that section, or
(c) the release of any of the company's obligations with respect to the purchase of any of its own shares under a contract—
(i) approved under section 694, or
(ii) authorised under section 701 (authorisation of market purchase),
must be made out of the company's distributable profits.
(2) If this requirement is not met
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