Companies Ordinance Cap 32

Section Num: 49F       Version Date 30/06/1997

Assignment or release of company's right to purchase own shares

(1) The rights of a company under a contract approved under section 49D or 49E or authorized under section 49BA or 49E are not capable of being assigned.

(2) An agreement by an unlisted company to release its rights under a contract approved under section 49D or 49E 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 section 49D(3), (4),

(5) and (6) applies to approval for a proposed release agreement as to authority for a proposed variation of an existing contract.

(3) An agreement by a listed company to release its rights under a contract authorized under section 49BA(1)(a) or (c) or under section 49E is void unless the terms of the release agreement are authorized in advance by a special resolution of the company before the agreement is entered into; and section 49BA(5) and (6) applies to authorization for a proposed release agreement as to authorization for a proposed purchase agreement under section 49BA(1)(c).

(Added 77 of 1991 s. 4)

[cf. 1985 c. 6 s. 167 U.K.]