693 Authority for purchase of own shares
693 Authority for purchase of own shares
Companies Act 2006 | Legislation

(1)     A limited company may only purchase its own shares—

(a)     by an off-market purchase, [authorised in accordance with section 693A or] in pursuance of a contract approved in advance in accordance with section 694;

(b)     by a market purchase, authorised in accordance with section 701.

(2)     A purchase is “off-market” if the shares either—

(a)     are purchased otherwise than on a recognised investment exchange, or

(b)     are purchased on a recognised investment exchange but are not subject to a marketing arrangement on the exchange.

(3)     For this purpose a company's shares are subject to a marketing arrangement on a recognised investment exchange if—

(a)     they are listed under Part 6 of the Financial Services and Markets Act 2000 (c 8), or