Companies Act, 1990
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Power to convert shares into redeemable shares. |
210.—(1) Subject to subsections (2), (3), (4) and (5) and the provisions of the Companies Acts governing the variation of rights attached to classes of shares and the alteration of a company's memorandum or articles, a company may convert any of its shares into redeemable shares. | |
(2) A conversion of shares under subsection (1) shall not have effect with respect to any shares, the holder of which notifies the company, before the date of conversion, of his unwillingness to have his shares converted but, subject to that and the other provisions of this section, the conversion shall have effect according to its terms. | ||
(3) Subsection (2) shall not, where a shareholder objects to a conversion, prejudice any right he may have under the Companies Acts or otherwise to invoke the jurisdiction of the court to set aside the conversion or otherwise provide relief in respect thereof. | ||
(4) No shares shall be converted into redeemable shares if as a result of the conversion the nominal value of the issued share capital which is not redeemable would be less than one tenth of the nominal value of the total issued share capital of the company. | ||
(5) The provisions of sections 207 , 208 and 209 shall apply to shares which have been converted into redeemable shares under this section. |