312. (a) Notwithstanding the provisions of section 302, a company may include in its articles of association a provision permitting it to issue securities subject to redemption on such conditions as may be prescribed in such provisions (hereinafter “redeemable securities”). (b) Where a company issues redeemable securities, it may redeem them and the restrictions laid down in this Chapter shall not apply to such redemption. (c) Where a company has issued redeemable securities, it may attach to them the attributes of shares, including voting rights and the right to participate in profits. (d) Redeemable securities shall not be regarded as part of the company’s equity, whatever they are called, unless the right to redeem them is limited to the case of winding up of the company, after payment of all of the debts of the company to its creditors upon winding up; where the right to redeem shares is limited as aforesaid, the provisions of this Law shall apply for the purpose of distribution, notwithstanding the provisions of subsection (b). | 
