76F. Payments to be made only if company is solvent

acquiring any right with respect to the purchase or acquisition of its own shares in accordance with section 76C, 76D, 76DA or 76E;

the variation of an agreement approved under section 76D or 76DA; or

the release of any of the company’s obligations with respect to the purchase or acquisition of any of its own shares under an agreement approved under section 76D or 76DA,may be made out of the company’s capital or profits so long as the company is solvent.

in a case within subsection (1)(a) — no purchase or acquisition by the company of its own shares pursuant to that agreement is lawful;

in a case within subsection (1)(b) — no such purchase or acquisition following the variation is lawful; and

in a case within subsection (1)(c) — the purported release is void.

there is no ground on which the company could be found to be unable to pay its debts;

if —

it is intended to commence winding up of the company within the period of 12 months immediately after the date of the payment, the company will be able to pay its debts in full within the period of 12 months after the date of commencement of the winding up; or

it is not intended so to commence winding up, the company will be able to pay its debts as they fall due during the period of 12 months immediately after the date of the payment;

the value of the company’s assets is not less than the value of its liabilities (including contingent liabilities) and will not, after the proposed purchase, acquisition, variation or release (as the case may be), become less than the value of its liabilities (including contingent liabilities).