Hong Kong Ordinances

COMPANIES ORDINANCE - SECT 49

Power to issue redeemable shares

Redeemable shares; Purchase by a company of its own shares

Redemption and purchase generally

(1) Subject to sections 49 to 49S, a company limited by shares or limited by
guarantee and having a share capital may, if authorized to do so by its
articles, issue shares which are to be redeemed or are liable to be redeemed
at the option of the company or the shareholder. <* Note - 
 Exp. X-Ref.: Sections 49,
49A, 49B, 49BA, 49C, 49D, 49E, 49F, 49G, 49H, 49I, 49J, 49K, 49L, 49M, 49N,
49O, 49P, 49Q, 49R, 49S *>

(2) No redeemable shares may be issued at a time when there are no issued
shares of the company which are not redeemable.

(3) Redeemable shares may not be redeemed unless they are fully paid; and the
terms of redemption shall provide for payment on redemption. (Replaced 77 of
1991 s. 4) [cf. 1985 c. 6 s. 159 U.K.]