Section 75 — Companies Act 1993: Redemption on fixed date

75 Redemption on fixed date (1) Subject to this section, if a share is redeemable on a specified date— (a) The company must redeem the share on that date; and (b) The share is deemed to be cancelled on that date; and (c) From that date the former shareholder ranks as an unsecured creditor of the company for the consideration payable on redemption. (2) A redemption under this section— (a) Is not a distribution for the purposes of sections 52 and 53 of this Act; but (b) Is deemed to be a distribution for the purposes of subsections (1) and (5) of section 56 of this Act. Subsection (1)(c) was amended, as from 30 June 1997, by section 5 Companies Act 1993 Amendment Act 1997 (1997 No 27) by substituting the word “ consideration ” for the word “ sum ” .