Section 718 | Resolution authorising payment: disclosure of directors' statement and auditor's report

(1)This section applies to a resolution under section 716 (resolution authorising payment out of capital for redemption or purchase of own shares).

(2)A copy of the directors' statement and auditor's report under section 714 must be made available to members—

(a)in the case of a written resolution, by being sent or submitted to every eligible member at or before the time at which the proposed resolution is sent or submitted to him;

(b)in the case of a resolution at a meeting, by being made available for inspection by members of the company at the meeting.

(3)The resolution is ineffective if this requirement is not complied with.