Companies Act 2014 section 1077

Relationship of certain acquisition provisions to those in Part 3

Section 1077 clarifies that the general rules in Part 3 of the Act governing a company's purchase of its own shares also apply when a public limited company (PLC) acquires its own shares under the PLC-specific provisions in sections 1071 to 1076, unless those PLC-specific sections expressly state otherwise.

• The general share buy-back rules in Part 3 (particularly those referencing contracts authorised under section 105) extend to PLC share acquisitions under sections 1071 to 1076.
• This includes all consequential and supplementary provisions in Part 3 that relate to own-share purchases.
• The extension applies automatically unless a specific PLC provision in sections 1071 to 1076 indicates a contrary intention.
• The particular Part 3 provisions caught are those that refer, in whatever form, to a contract authorised under section 105.