All sections · Part V: Shares · Sub-Part V: Redemption and purchase of own shares
76 Shares redeemed at the option of a shareholder
This section has been amended. The text above is the 2016 wording; the amending provisions follow.
(1) If a share is redeemable at the option of the shareholder and the shareholder
gives the company proper notice of his intention to redeem the share —
(a) the company shall redeem the share on the date specified in the
notice, or if no date is specified, on the date of the receipt of the
notice;
(b) unless the share is held as a treasury share under section 78, on
redemption the share is deemed to be cancelled; and
(c) from the date of redemption, the former shareholder ranks as an
unsecured creditor of the company for the sum payable on
redemption.
(2) If a share is redeemable on a specified date —
(a) the company shall redeem the share on that date;
(b) unless the share is held as a treasury share under section 78, on
redemption the share is deemed to be cancelled; and
(c) from the date of redemption, the former shareholder ranks as an
unsecured creditor of the company for the sum payable on
redemption.
(3) Where a company redeems a share under subsections (1) or (2), sections 74 and 75 do not apply.
(4) This section does not apply to a company to the extent that it is negated,
modified or inconsistent with provisions for the redemption of its shares
specified in —
(a) the company‘s memorandum or articles; or
(b) a written agreement between the company and the shareholder.
gives the company proper notice of his intention to redeem the share —
(a) the company shall redeem the share on the date specified in the
notice, or if no date is specified, on the date of the receipt of the
notice;
(b) unless the share is held as a treasury share under section 78, on
redemption the share is deemed to be cancelled; and
(c) from the date of redemption, the former shareholder ranks as an
unsecured creditor of the company for the sum payable on
redemption.
(2) If a share is redeemable on a specified date —
(a) the company shall redeem the share on that date;
(b) unless the share is held as a treasury share under section 78, on
redemption the share is deemed to be cancelled; and
(c) from the date of redemption, the former shareholder ranks as an
unsecured creditor of the company for the sum payable on
redemption.
(3) Where a company redeems a share under subsections (1) or (2), sections 74 and 75 do not apply.
(4) This section does not apply to a company to the extent that it is negated,
modified or inconsistent with provisions for the redemption of its shares
specified in —
(a) the company‘s memorandum or articles; or
(b) a written agreement between the company and the shareholder.
Amended since 2016
Act 15 of 2018 · 2019-01-01
by repealing in section 76(1A) and substituting therefor with "or (iii)";
