Section 697 | Variation of contract for off-market purchase

(1)A company may only agree to a variation of a contract authorised under section 694 (authority for off-market purchase) if the variation is approved in advance in accordance with this section.

(2)The terms of the variation must be authorised by a . . . resolution of the company before it is agreed to.^F1

(3)That authority may be varied, revoked or from time to time renewed by a . . . resolution of the company.^F2

(4)In the case of a public company a resolution conferring, varying or renewing authority must specify a date on which the authority is to expire, which must not be later than five years after the date on which the resolution is passed.^F3

(5)A resolution conferring, varying, revoking or renewing authority under this section is subject to—

section 698 (exercise of voting rights), and

section 699 (disclosure of details of variation).