686Payment for redeemable sharesU.K.
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(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 a provision authorised by subsection (2), the shares must be paid for on redemption.