ADVOKS GLOBAL · KENYA
Companies Act
457. Release of company’s rights under contract for off-market purchase
Edition: 2024-12-27 · In force
457. Release of company’s rights under contract for off-market purchase
(1)An agreement by a company to release its rights under a contract approved under section 451 is void unless the terms of the release agreement are approved in advance in accordance with this section.(2)The terms of the proposed agreement have effect only if they are approved by a special resolution of the company.(3)The approval may be varied, revoked or from time to time renewed by a special resolution of the company.(4)In the case of a public company, a resolution conferring, varying or renewing the approval has effect only if it specifies a date on which the authority is to expire. That date may not be later than eighteen months after the date on which the resolution is passed.(5)Section 455 and 456 apply to a resolution authorising a proposed release agreement as they apply to a resolution authorising a proposed variation.