Private Limited Companies are no longer subsject to the rules on financial assistance and do not need to follow the "white wash" procedure.
Please note that public companies are still prohibited from giving financial assistance for the purchase of their own shares.
For Minutes on Purchase of Own Shares please look under the Corporate folder Own Share Purchase & Redemption
provide for the company to give financial assistance
for the purchase of its own shares
subject to the prohibitions in section 151 of the Companies Act 1985, and the passing of a special resolution in that respect. Reference is made to the auditor's advices that such a distribution could lawfully be made from profits of the company.
The company secretary is ordered to convene an extraordinary general meeting, the auditors have requested to report on the company's ability to pay its debts and the proposed assistance should not be given before 4 weeks of the special resolution no more than 8 weeks after unless with the unanimous consent of all the members.
This Purchase of Own Shares and giving Financial Assistance
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