s 718 Resolution authorising payment: disclosure of directors' statement and auditor's report
(1) This section applies to a resolution under section 716 (resolution authorising payment out of capital for redemption or purchase of own shares). (2) A copy of the directors' statement and auditor's report under section 714 must be made available to members— (a) in the case of a written resolution, by being sent or submitted to every eligible member at or before the time at which the proposed resolution is sent or submitted to him; (b) in the case of a resolution at a meeting, by being made available for inspection by members of the company at the meeting. (3) The resolution is ineffective if this requirement is not complied with.