Section 76: Meaning of “redeemable”

76. Meaning of “redeemable” A company may issue a redeemable share where— (a) in the case of— (i) a company, other than a company holding a Global Business Licence, the constitution of the company makes provision for the company to issue redeemable shares; and (ii) a company holding a Global Business Licence, the constitution does not forbid the company from issuing redeemable shares; (b) the shares are fully paid up at the time of redemption; and (c) the constitution or the terms of issue of the share makes provision for the redemption of the share— (i) at the option of the company; (ii) at the option of the holder of the share; or (iii) on a date specified in the constitution or the terms of issue of the share for a consideration that is— (A) specified; (B) to be calculated by reference to a formula; or (C) required to be fixed by a suitably qualified person who is not associated with or interested in the company. [S. 76 amended by s. 13 (f) of Act 11 of 2018 w.e.f. 1 October 2018.]