Companies Act, 1990
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Duration of authority granted by public limited companies to purchase own shares. |
216.—(1) Without prejudice to the generality of sections 213 , 214 and 215 , in the case of a public limited company, any authority granted under those sections shall specify the date on which the authority is to expire which shall not be later than 18 months after the date on which the special resolution or ordinary resolution, as the case may be, granting the authority is passed. | |
(2) A public limited company may make a purchase after the expiry of any time limit imposed by virtue of subsection (1) in any case where the contract of purchase was concluded before the authority expired and the terms of the authority permit the company to make a contract of purchase which would or might be executed wholly or partly after the authority expired. |