[720A Reduced requirements for payment out of capital for purchase of own shares for the purposes of or pursuant to an employees' share scheme]
[720A Reduced requirements for payment out of capital for purchase of own shares for the purposes of or pursuant to an employees' share scheme]
Companies Act 2006 | Legislation

[(1)     Section 713(1) does not apply to the purchase out of capital by a private company of its own shares for the purposes of or pursuant to an employees' share scheme when approved by special resolution supported by a solvency statement.

(2)     For the purposes of this section a resolution is supported by a solvency statement if—

(a)     the directors of the company make a solvency statement (see section 643) not more than 15 days before the date on which the resolution is passed, and

(b)     the resolution and solvency statement are registered in accordance with section 720B.

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