(1) A limited company may only purchase its own shares -
(a) by an off-market purchase, authorised in accordance with section 693A or in pursuance of a contract approved in advance in accordance with section 694;
(b) by a market purchase, authorised in accordance with section 701.
(2) A purchase is "off-market" if the shares either -
(a) are purchased otherwise than on a recognised investment exchange, or
(b) are purchased on a recognised investment exchange but are not subject to a marketing arrangement on the exchange.
(3) For this purpose a company's shares are subject to a marketing arrangement on a recognised investment exchange if -
(a) they are listed under Part 6 of the Financial Services and Markets Act 2000 (c. 8), or
(b) the company has been afforded facilities for dealings in the shares to take place on the exchange -
(i) without prior permission for individual transactions from the authority governing that investment exchange, and
(ii) without limit as to the time during w
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