whitewash procedure
A private company can give financial assistance for the acquisition of its own shares if the so-called whitewash (or gateway) procedure is followed. Broadly, all directors of the company must swear a statutory declaration that in their opinion the company will remain solvent for at least 12 months from the date the assistance is given and the shareholders must pass a special resolution approving the financial assistance (sections 155-158, Companies Act 1985). Creditors have a right to object.
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Practical Law Dictionary. Glossary of UK, US and international legal terms. . 2010.

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