Section 931U Meaning of “ordinary share” and “redeemable”F1

(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.

Annotations

Textual amendments

F1: Pt. 9A inserted (with effect in accordance with Sch. 14 para. 31 of the amending Act) by Finance Act 2009 (c. 10), Sch. 14 para. 1 (with Sch. 14 para. 32)

Notes on Part 9A

Modifications

C1: Pt. 9A modified (with effect in accordance with s. 1184(1) of the amending Act) by Corporation Tax Act 2010 (c. 4), ss. 787, 795, 1184(1) (with Sch. 2)
C2: Pt. 9A modified by 2010 c. 4, s. 814D(6) (as inserted (with effect in accordance with Sch. 29 para. 51 of the amending Act) by Finance Act 2013 (c. 29), Sch. 29 para. 2)