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Authority for market purchase.
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215.—(1) A company shall not make a market purchase of its own shares unless the purchase has first been authorised by the company in general meeting and any such authority may be varied, revoked or from time to time renewed by the company in general meeting. This subsection shall not be construed as requiring any particular contract for the market purchase of shares to be authorised by the company in general meeting and for the purposes of this Part where a market purchase of shares has been authorised in accordance with this section any contract entered into pursuant to that authority in respect of such a purchase shall be deemed also to be so authorised.
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(2) Section 143 of the Principal Act shall apply to a resolution under subsection (1).
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(3) In the case of a public limited company, any authority granted under subsection (1) shall—
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(a) specify the maximum number of shares authorised to be acquired; and
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(b) determine both the maximum and minimum prices which may be paid for the shares.
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(4) A resolution to which subsection (3) applies may determineeither or both the prices mentioned in paragraph (b) of that subsection by—
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(a) specifying a particular sum; or
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(b) providing a basis or formula for calculating the amount of the price in question without reference to any person's discretion or opinion.
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