Clause 36

by deleting subsection (2);

by inserting, immediately after subsection (4), the following subsections:“(5) For the avoidance of doubt, shares redeemed out of proceeds of a fresh issue of shares issued for the purpose of redemption shall not be treated as having been redeemed out of the capital of the company.(6) A private company may redeem any redeemable preference shares by lodging a prescribed notice of redemption with the Registrar. (7) A redemption of any redeemable preference shares by a private company on or after the date of commencement of section 36 of the Companies (Amendment) Act 2014 does not take effect until the electronic register of members of the company is updated by the Registrar under section 196A(5).”; and

by deleting subsection (8) and substituting the following subsection:“(8) If a public company redeems any redeemable preference shares, it shall within 14 days after doing so give notice thereof to the Registrar specifying the shares redeemed.”.