Companies Act 2014
Off-market purchase of own shares
1075. (1) A PLC shall not make an off-market purchase of its own shares otherwise than in pursuance of a contract authorised in advance by a special resolution of the PLC.
(2) Any such authority may be varied, revoked or from time to time renewed by the PLC by special resolution.
(3) Section 105(5), (7), (8) and (10) to (12) apply to a special resolution referred to in subsection (1) or (2) as they apply to a special resolution of a private company limited by shares authorising the acquisition by it of its own shares but subsections (4) and (5) of this section supplement those provisions.
(4) Any authority granted under subsection (1) or (2) shall specify the date on which the authority is to expire which shall not be later than 18 months after the date on which the special resolution granting the authority is passed.
(5) A PLC may make a purchase referred to in subsection (1) after the expiry of any time limit imposed by virtue of subsection (4) in any case where the contract of purchase was concluded before the authority conferred on it expired and the terms of that authority permit the PLC to make a contract of purchase which would or might be executed wholly or partly after the authority expired.