[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

[Requirements for payment out of capital: employees' share schemes]

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

[(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

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