Subject to the provisions of this Chapter, a company limited by shares or limited by guarantee and having a share capital may, if authorised to do so by its articles, issue shares which are to be redeemed or are liable to be redeemed at the option of the company or the shareholder.
No redeemable shares may be issued at a time when there are no issued shares of the company which are not redeemable.
Redeemable shares may not be redeemed unless they are fully paid; and the terms of redemption must provide for payment on redemption.