This Q&A looks at the options available to an English private limited company which has adopted the Model Articles for Private Companies Limited by Shares (Model Articles) to authorise the company to grant an option to its sole director, who is also the sole shareholder, to purchase shares held by that company in a third company as required under Companies Act 2006 (CA 2006), ss 190–194, which restrict and control substantial property transactions entered into between a company and its directors, and their interaction with the director's statutory duties to declare their interest in a transaction with their company, only to exercise powers for the purposes for which they are conferred and to promote the interests of the company. CA 2006 provisions A company may not enter into a substantial property transaction with one of its directors unless it is approved by the members of the company or it is conditional upon such approval being obtained. For