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TMI BlogPower to issue redeemable preference shares.X X X X Extracts X X X X X X X X Extracts X X X X ..... les, issue preference shares which are, or at the option of the company are to be liable, to be redeemed: Provided that___ (a) no such shares shall be redeemed except out of profits of the company which would otherwise be available for dividend or out of the proceeds of a fresh issue of shares made for the purposes of the redemption; (b) no such shares shall be redeemed unless they are full ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... of this section, the redemption of preference shares thereunder may be effected on such terms and in such manner as may be provided by the articles of the company. (3) The redemption of preference shares under this section by a company shall not be taken as reducing the amount of its authorised share capital. (4) Where in pursuance of this section, a company has redeemed or is about to redeem ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... in paying up unissued shares of the company to be issued to members of the company as fully paid bonus shares. [7][(5A) Notwithstanding anything contained in this Act, no company limited by shares shall, after the commencement of the Companies (Amendment) Act, 1996, issue any preference share which is irredeemable or is redeemable after the expiry of a period of twenty years from the date of its ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... t, 1960, Act 65 of 1960, [6] Substituted by the Companies (Amendment) Act, 1960, Act 65 of 1960, section 23, for "the capital redemption reserve fund". [7] Substituted by the Companies (Amendment) Act, 1996, w.e.f. 1-3-1997. Prior to its substitution, sub-section (5A), as inserted by the Companies (Amendment) Act, 1988, w.e.f. 15-6-1988. "(5A) Notwithstanding anything contained in this Act, no ..... X X X X Extracts X X X X X X X X Extracts X X X X
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