{
  "url": "https://openlegislation.uk/companies-act-2006/section-700",
  "json_url": "https://openlegislation.uk/companies-act-2006/section-700.json",
  "legislation": "ukpga/2006/46",
  "legislation_title": "Companies Act 2006",
  "legislation_url": "https://openlegislation.uk/companies-act-2006",
  "path": "section/700",
  "kind": "section",
  "number": "700",
  "heading": "Release of company's rights under contract for off-market purchase",
  "text": "(1) An agreement by a company to release its rights under a contract approved under section 694 (authorisation of off-market purchase) is void unless the terms of the release agreement are approved in advance in accordance with this section.\n(2) The terms of the proposed agreement must be authorised by a . . . resolution of the company before the agreement is entered into.\n(3) That authority may be varied, revoked or from time to time renewed by a . . . resolution of the company.\n(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.\n(5) The provisions of—\nsection 698 (exercise of voting rights), and\nsection 699 (disclosure of details of variation),\napply to a resolution authorising a proposed release agreement as they apply to a resolution authorising a proposed variation.",
  "extent": "E+W+S+N.I.",
  "status": null,
  "version": "current",
  "annotations": [
    {
      "type": "F",
      "label": "F1",
      "text": "Word in s. 700(2) omitted (30.4.2013) by virtue of The Companies Act 2006 (Amendment of Part 18) Regulations 2013 (S.I. 2013/999), reg. 5(c)"
    },
    {
      "type": "F",
      "label": "F2",
      "text": "Word in s. 700(3) omitted (30.4.2013) by virtue of The Companies Act 2006 (Amendment of Part 18) Regulations 2013 (S.I. 2013/999), reg. 5(c)"
    },
    {
      "type": "F",
      "label": "F3",
      "text": "Words in s. 700(4) substituted (1.10.2009) by The Companies (Share Capital and Acquisition by Company of its Own Shares) Regulations 2009 (S.I. 2009/2022), reg. 4(1)"
    }
  ],
  "outstanding_effects": [],
  "provenance": {
    "source": "legislation.gov.uk",
    "source_url": "https://www.legislation.gov.uk/ukpga/2006/46/section/700",
    "retrieved_at": "2026-10-29T09:13:40.060156+00:00"
  },
  "licence": "Open Government Licence v3.0",
  "licence_url": "https://www.nationalarchives.gov.uk/doc/open-government-licence/version/3/",
  "attribution": "Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives."
}