Section 68 — Companies Act 1993: Meaning of redeemable

68 Meaning of redeemable For the purposes of this Act, a share is redeemable if— (a) The constitution of the company makes provision for the company to issue redeemable shares; and (b) The constitution or the terms of issue of the share makes provision for the redemption of that share by the company— (i) At the option of the company; or (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— (iv) Specified; or (v) To be calculated by reference to a formula; or (vi) Required to be fixed by a suitably qualified person who is not associated with or interested in the company. Section 68 was substituted, as from 3 June 1998, by section 2 Companies Amendment Act 1998 (1998 No 31).