713 Requirements for payment out of capital
Companies Act 2006 | Legislation

Requirements for payment out of capital

713  Requirements for payment out of capital

(1)     A payment out of capital by a private company for the redemption or purchase of its own shares is not lawful unless the requirements of the following sections are met—

section 714 (directors' statement and auditor's report);

section 716 (approval by special resolution);

section 719 (public notice of proposed payment);

section 720 (directors' statement and auditor's report to be available for inspection).

(2)     This is subject [to section 720A and] to any order of the court under section 721 (power of court to extend period for compliance on application by

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