The Redeemable Preference Shares were issued with the following rights and subject to the following restrictions:
(i) as to dividend: a holder of Redeemable Preference Shares shall be entitled (in priority to any payment of dividend on any other class of shares) to a fixed cumulative preferential dividend of such amount as shall result in the payment of a net cash dividend of 0 per cent.per annum on the nominal amount of the Redeemable Preference Shares held by him, such dividend to accrue annually and to be payable, in respect of each accounting reference period of the Company, within 21 days of the end of such period;
(ii) as to capital: on a return of assets on a winding up or otherwise, the Redeemable Preference Shares shall confer the right to be paid out of the assets of the Company available for distribution amongst the members the capital paid up on such shares in priority to any amounts of capital paid to the holders of any other class of shares issued by the Company from time to time but shall not confer any right to participate in any surplus remaining following payment of such amounts;
(iii) as to voting: the Redeemable Preference Shares shall not confer any right to receive notice of or to attend or vote at any general meeting of the Company;
(iv) as to redemption: the Company may at its discretion, by notice in writing and upon tendering to a registered holder of Redeemable Preference Shares the amount of capital paid up thereon, redeem any Redeemable Preference Shares at any time and subject any event not earlier than three years from the issue date (subject to the provisions of the Act) and such holder shall be bound to deliver up any certificate which he may have representing the same; and upon redemption the name of the registered holder shall be removed from the register of members of the Company; and
(v) as to certificates: the Company shall not be obliged to issue a certificate in respect of a Redeemable Preference Share until the date falling 180 days after the allotment and issue of the same, and any transfers of redeemable preference shares during such period shall be certified against the Register.