(1) An agreement by a company to release its rights under a contract approvedunder 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 approvedby a special resolution of the company.
(3) The approval may be varied, revoked or from time to time renewed by aspecial resolution of the company.
(4) In the case of a public company, a resolution conferring, varying or renewingthe 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.
(2) The terms of the proposed agreement have effect only if they are approvedby a special resolution of the company.
(3) The approval may be varied, revoked or from time to time renewed by aspecial resolution of the company.
(4) In the case of a public company, a resolution conferring, varying or renewingthe 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.
Check the current authoritative text and amendment history before relying on a provision.