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The Law and Practice of International Banking, 2nd Edition by Proctor, Charles (1st March 2015)

Part E Guarantees and Security, 37 Vitiating Factors—‘Financial Assistance’

From: The Law and Practice of International Banking (2nd Edition)

Charles Proctor

From: Oxford Legal Research Library (http://olrl.ouplaw.com). (c) Oxford University Press, 2015. All Rights Reserved.date: 21 May 2019

Subject(s):
Regulation of banks — Shares — Security interest — Takeovers

This chapter considers the rules preventing a company from financing an acquisition of its own shares. It discusses the financial assistance prohibition under Section 678(1) of the Companies Act 2006; the scope of the prohibition; the ‘larger purpose’ and other exemptions; and the consequences of breach.

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