Companies Act, 1990

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

217.—(1) Any purported assignment of the rights of a company under any contract authorised under section 213 , 214 or 215 shall be void.

(2) Nothing in subsection (1) shall prevent a company from releasing its right under any contract authorised under section 213 , 214 or 215 provided that, in the case of a contract authorised under section 213 or 214 , the release has been authorised by special resolution of the company before the release is entered into, and any such purported release by a company which has not been authorised as aforesaid shall be void.

(3) Subsections (2) to (7) of section 213 shall apply to a resolution under subsection (2).