New Clause 190

Company Law Reform Bill [Lords] – in a Public Bill Committee at 1:45 pm on 20th July 2006.

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Payment for redeemable shares

‘(1) Redeemable shares in a limited company may not be redeemed unless they are fully paid.

(2) The terms of redemption of shares in a limited company may provide that the amount payable on redemption may, by agreement between the company and the holder of the shares, be paid on a date later than the redemption date.

(3) Unless redeemed in accordance with provision authorised by subsection (2), the shares must be paid for on redemption.’.—[Margaret Hodge.]

Brought up, and added to the Bill.