Own Share Purchase Out Of Capital – Minutes (ESS version of Special Resolution)

These Own Share Purchase out of Capital – Minutes (ESS version of Special Resolution) are for a private company wishing to purchase its own shares using capital where the purchase is for the purposes of an employees’ share scheme.

Use these minutes to record shareholder approvals at a general meeting

The document contains minutes of the general meeting held in order to pass:

• An ordinary resolution to approve the Contract to Purchase; and
• A special resolution to approve the payment out of capital.

The document should be read in conjunction with “Own Share Purchase out of Capital - Guidance Notes.”

When the ordinary resolution may not be required

The ordinary resolution will not be required if the purchase of own shares is already authorised under section 693A of the Companies Act 2006 (authorisation of multiple buybacks for the purposes of an employees’ share scheme).

Legal updates reflected

This version of the Minutes has been produced to reflect the April 2013 changes to the Companies Act 2006, including the move from special resolution to ordinary resolution for approval of the purchase, and the introduction of a simpler procedure for approving the use of capital where the purchase is for the purposes of an employees’ share scheme.

Own Share Purchase Out Of Capital – Minutes (ESS version of Special Resolution) is part of Corporate. Just £38.50 + VAT provides unlimited downloads from Corporate for 1 year.