• a private company wishing to purchase its shares out of capital will no longer need specific authorisation in its articles. In addition, the directors will no longer have to make a statutory declaration before a solicitor or commissioner for oaths in connection with the purchase out of capital. A private company will be able to make a purchase out of capital if it complies with the requirements of Chapter 5 of Part 18 which include that the directors have given a solvency statement (similar to the statutory declaration currently required under the CA 1985) supported by an auditors’ report as to the reasonableness of such a statement. A shareholder resolution will also still be required.