s 686 Payment for redeemable shares
(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.