Section 80: Redemption on fixed date
consolidated text (as at 2018, amended since). juris shows the text as it was consolidated; it does not confirm that this is the law in force today.
80. Redemption on fixed date
(1) Subject to this section, if a share is redeemable on a specified date—
(a) the company shall redeem the share on that date;
(b) the share shall be deemed to be cancelled on that date; and
(c) from that date the former shareholder shall rank as an unsecured
creditor of the company for the sum payable on redemption.
(2) A redemption under this section—
(a) shall not be a distribution for the purposes of sections 61 and
63; but
(b) shall be deemed to be a distribution for the purposes of sections 66 (1) and (5).
Sub-Part F – Financial Assistance in connection with
Purchase of Shares
Ask juris about this section Official source
Questions this section answers
- What happens on the fixed date set for redeeming a share?