Own Share Purchase Out Of Profits/New Share Issue/Cash – General Meeting Minutes (ESS)
This Own Share Purchase Out of Profits/New Share Issue/Cash – Written Shareholders' Resolution (ESS) reflects one of the April 2013 changes to the Companies Act 2006. With effect from 30 April 2013, companies can by ordinary resolution
Please see "Own Share Purchase Out of Profits/New Share Issue/Cash – Guidance Notes" for more information.
This Own Share Purchase Out of Profits/New Share Issue/Cash – Written Shareholders' Resolution (ESS) is
The authority given by the resolution may be general or limited to the purchase of shares of a particular class or description. It may be an unconditional authority or subject to conditions.
The authority must specify the maximum number of shares
The authority may be varied, revoked or from time to time renewed by a resolution of the company. A resolution conferring, varying or renewing authority must specify a date on which it is to expire, which must not be later than five years after the date on which the resolution is passed.
The wording of the resolution must be consistent with the wording of "Own Share Purchase Out of Profits/New Share Issue/Cash – Board Resolution (ESS)".
The Circulation Date will usually be the date of the board meeting approving the circulation of the written resolution but it can be a later date. The date when the written resolution lapses must be 28 days after the Circulation Date.
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