662. Registration of resolution and supporting documents for purchase of own shares for the purposes of or pursuant to an employees' share scheme
Past version: effective from 14/06/2015 - 13/06/2015
To view other versions open the versions tab on the right
(1) Within 14 days after the passing of the resolution for a payment out of capital by a private company for the purchase of its own shares for the purposes of or pursuant to an employees' share scheme the company must deliver to the Registrar—
(a) a copy of the solvency statement,
(b) a copy of the resolution, and
(c) a statement of capital.
(2) The statement of capital must state with respect to the company's share capital as reduced by the resolution—
(a) the total number of shares of the company,
(b) the aggregate issue price of those shares,
(c) for each class of shares—
(i) prescribed particulars of the rights attached to the shares,
(ii) the total number of shares of that class, and
(iii) the aggregate issue price of shares of that class, and
(d) the amount paid up and the amount (if any) unpaid on each share.
(3) The Registrar must register the documents delivered to him under subsection (1) on receipt.
(4) The resolution does not take effect until those documents are registered.
(5) The company must also deliver to the Registrar, within 14 days after the resolution is passed, a statement by the directors confirming that the solvency statement was—
(a) made not more than 15 days before the date on which the resolution was passed, and
(b) provided to members in accordance with section 661(3) or (4).
(6) The validity of a resolution is not affected by—
(a) a failure to deliver the documents required to be delivered to the Registrar under subsection (1) within the time specified in that subsection, or
(b) a failure to comply with subsection (5).
(7) If the company delivers to the Registrar a solvency statement that was not provided to members in accordance with section 661(3) or (4), a contravention of these Regulations is committed by every officer of the company who is in default.
(8) If default is made in complying with this section, a contravention of these Regulations is committed by—
(a) the company, and
(b) every officer of the company who is in default.
(9) A person who commits a contravention of subsection (7) or (8) is liable to a fine of up to level 8.
(10) This section does not apply to a restricted scope company.