Section 694 Authority for off-market purchase

F1Subject to section 693A, A company may only make an off-market purchase of its own shares in pursuance of a contract approved prior to the purchase in accordance with this section.

Either—

The contract may be a contract, entered into by the company and relating to shares in the company, that does not amount to a contract to purchase the shares but under which the company may (subject to any conditions) become entitled or obliged to purchase the shares.

The authority conferred by a resolution under this section may be varied, revoked or from time to time renewed by a F4. . . resolution of the company.

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 F5five years after the date on which the resolution is passed.

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

• section 695 (exercise of voting rights), and

• section 696 (disclosure of details of contract).