Redeemable shares may not be issued unless the following conditions are satisfied as regards the terms and manner of redemption.
The date on or by which, or dates between which, the shares are to be or may be redeemed must be specified in the company's articles or, if the articles so provide, fixed by the directors, and in the latter case the date or dates must be fixed before the shares are issued.
Any other circumstances in which the shares are to be or may be redeemed must be specified in the company's articles.
The amount payable on redemption must be specified in, or determined in accordance with, the company's articles, and in the latter case the articles must not provide for the amount to be determined by reference to any person's discretion or opinion.
Any other terms and conditions of redemption shall be specified in the company's articles.
Nothing in this section shall be construed as requiring a company to provide in its articles for any matter for which provision is made by this Act.