659. Notice of proposed payment

Past version: effective from 14/06/2015 - 13/06/2015
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(1) Within the week immediately following the date of the resolution under section 656 the company must—
(a) (in the case of a company other than a restricted scope company) publish in a leading English language newspaper of the United Arab Emirates, or
(b) (in the case of a restricted scope company) send to each of its members,
a notice—
(i) stating that the company has approved a payment out of capital for the purpose of acquiring its own shares by redemption or purchase or both (as the case may be),
(ii) specifying—
(A) the amount of the permissible capital payment for the shares in question, and
(B) the date of the resolution,
(iii) stating where the directors' statement required by section 654 are available for inspection, and
(2) Not later than the day on which the company—
(a) first makes available the notice required by subsection (1), or
(b) if earlier, first publishes or gives the notice required by subsection (1),
the company must deliver to the Registrar a copy of the directors' statement required by section 654.

This subsection (2) does not apply to restricted scope companies.