Commentary Part 18: Acquisition by Limited Company of Its Own Shares Chapter 4: Purchase of Own Shares
1004.Section 162 of the 1985 Act enables a company limited by shares or limited by guarantee and having a share capital to purchase its own shares, provided it is authorised to do so by the articles. It is common for the members to give authority for such a purchase of own shares through the articles, see, for example, regulation 35 of the Companies Act 1985, Table A.