Power to issue redeemable preference shares.

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.... company limited by shares 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: 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....

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.... shall, except as provided in this section, apply as if ^[4][the capital redemption reserve account] were paid-up share capital of the company.      (2) Subject to the provisions 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) Th....

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....issued in pursuance of this sub-section unless the old shares are redeemed within one month after the issue of the new shares.     (5) ^[6][The capital redemption reserve account] may, notwithstanding anything in this section, be applied by the company, in paying up unissued shares of the company to be issued to members of the company as fully paid bonus shares. ^[7][(5A) Notw....

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....-10-1998. [3] Substituted by the Companies (Amendment) Act, 1960, Act 65 of 1960, section 23, for "the capital redemption reserve fund". [4] Substituted by the Companies (Amendment) Act, 1960, Act 65 of 1960, section 23, for "the capital redemption reserve fund". [5] Substituted, for "section 601". by the Companies (Amendment) Act, 1960, Act 65 of 1960, [6] Substituted by the Companies....