# Companies Act 1985, Section 167: Assignment or release of company’s right to purchase own shares.

Extent: E+W+S

(1) The rights of a company under a contract approved under section 164 or 165, or under a contract for a purchase authorised under section 166, are not capable of being assigned.
(2) An agreement by a company to release its rights under a contract approved under section 164 or 165 is void unless the terms of the release agreement are approved in advance by a special resolution of the company before the agreement is entered into; and subsections (3) to (7) of section 164 apply to approval for a proposed release agreement as to authority for a proposed variation of an existing contract.

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Source: https://www.legislation.gov.uk/ukpga/1985/6/section/167 (the official version)
Page: https://openlegislation.uk/companies-act-1985/section-167
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.