(1) A private limited company may redeem redeemable shares out of capital in accordance with Chapter 5.
(2) Subject to that, redeemable shares in a limited company may only be redeemed out of—
(a) distributable profits of the company, or
(b) the proceeds of a fresh issue of shares made for the purposes of the redemption.
(3) Any premium payable on redemption of shares in a limited company must be paid out of distributable profits of the company, subject to the following provision.
(4) If the redeemable shares were issued at a premium, any premium payable on their redemption may be paid
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