s 684 Power of limited company to issue redeemable shares
(1) A limited company having a share capital may issue shares that are to be redeemed or are liable to be redeemed at the option of the company or the shareholder (“redeemable shares”), subject to the following provisions. (2) The articles of a private limited company may exclude or restrict the issue of redeemable shares. (3) A public limited company may only issue redeemable shares if it is authorised to do so by its articles. (4) No redeemable shares may be issued at a time when there are no issued shares of the company that are not redeemable.