{
  "url": "https://openlegislation.uk/companies-northern-ireland-order-1986-revoked/article-178",
  "json_url": "https://openlegislation.uk/companies-northern-ireland-order-1986-revoked/article-178.json",
  "legislation": "nisi/1986/1032",
  "legislation_title": "The Companies (Northern Ireland) Order 1986 (revoked)",
  "legislation_url": "https://openlegislation.uk/companies-northern-ireland-order-1986-revoked",
  "path": "article/178",
  "kind": "article",
  "number": "178",
  "heading": "Payments apart from purchase price to be made out of distributable profits",
  "text": "(1) A payment made by a company in consideration of—\n(a) acquiring any right with respect to the purchase of its own shares in pursuance of a contract approved under Article 175, or\n(b) the variation of a contract approved under Article 174 or 175, or\n(c) the release of any of the company's obligations with respect to the purchase of any of its own shares under a contract approved under Article 174 or 175 or under a contract for a purchase authorised under Article 176,\nmust be made out of the company's distributable profits.\n(2) If the requirements of paragraph (1) are not satisfied in relation to a contract—\n(a) in a case within paragraph (1)(a), no purchase by the company of its own shares in pursuance of that contract is lawful under this Chapter,\n(b) in a case within paragraph (1)(b), no such purchase following the variation is lawful under this Chapter, and\n(c) in a case within paragraph (1)(c), the purported release is void.",
  "extent": "N.I.",
  "status": null,
  "version": "current",
  "annotations": [
    {
      "type": "F",
      "label": "F1",
      "text": "mod. by 1989 NI 19"
    }
  ],
  "outstanding_effects": [],
  "provenance": {
    "source": "legislation.gov.uk",
    "source_url": "https://www.legislation.gov.uk/nisi/1986/1032/article/178",
    "retrieved_at": "2026-10-29T04:48:35.100869+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."
}