F1Part 9ACompany distributions
Chapter 4Supplementary
Interpretation
931UMeaning of “ordinary share” and “redeemable”
(1)
In this Part “ordinary share” means a share that does not carry any present or future preferential right to dividends or to a company's assets on its winding up.
(2)
A share is regarded as “redeemable” for the purposes of this Part only if it is redeemable as a result of its terms of issue (or any collateral arrangements)—
(a)
requiring redemption,
(b)
entitling the holder to require redemption, or
(c)
entitling the issuing company to redeem.