Redeemable preference shares
70.—(1)  Subject to this section, a company having a share capital may, if so authorised by its articles, issue preference shares which are, or at the option of the company are to be, liable to be redeemed and the redemption shall be effected only on such terms and in such manner as is provided by the articles.
(2)  The redemption shall not be taken as reducing the amount of share capital of the company.
[21/2005]
(3)  The shares shall not be redeemed unless they are fully paid up.
[21/2005]
(4)  The shares shall not be redeemed out of the capital of the company unless —
(a)all the directors have made a solvency statement in relation to such redemption; and
(b)the company has lodged a copy of the statement with the Registrar.
[21/2005]
(5)  [Act 21 of 2005]
(6)  [Act 21 of 2005]
(7)  [Act 21 of 2005]
(8)  If a company redeems any redeemable preference shares it shall within 14 days after so doing give notice thereof to the Registrar specifying the shares redeemed.
[UK, 1948, s. 58; Aust., 1961, s. 61]