ADVOKS GLOBAL · KENYA
Companies Act
451. Authorisation for off-market purchase
Edition: 2024-12-27 · In force
451. Authorisation for off-market purchase
(1)A company may make an off–market purchase of its own shares under a contract but only if—(a)the terms of the contract have been approved by a special resolution of the company before the contract was entered into; or(b)the contract provides that no shares may be purchased under the contract until its terms have been approved by a special resolution of the company.(2)The contract may be a contract, entered into by the company and relating to shares in the company, that does not amount to a contract to purchase the shares but under which the company may (subject to any conditions) become entitled or obliged to purchase the shares.(3)The authority conferred by a resolution under this section may be varied or revoked or from time to time be renewed, but only by a special resolution of the company.(4)In the case of a public company a resolution conferring, varying or renewing approval shall specify a date on which the approval is to expire, which may not be later than eighteen months after the date on which the resolution is passed.(5)A resolution conferring, varying, revoking or renewing approval under this section is subject to sections 452 and 453.