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).