62(1)Eligible shares must be—
(a)fully paid up, and
(b)not redeemable.
(2)Shares are not regarded as fully paid up for the purposes of sub-paragraph (1)(a) if there is any undertaking to pay cash to the company at a future date.
(3)For the purposes of sub-paragraph (1)(b) “redeemable” shares include shares that may become redeemable at a future date.
(4)Sub-paragraph (1)(b) does not apply in relation to shares in a co-operative.
(5)In sub-paragraph (4) “co-operative” means a registered industrial and provident society which is a co-operative society.
For this purpose—
“registered industrial and provident society” means a society registered or deemed to be registered under the M1Industrial and Provident Societies Act 1965 or the M2Industrial and Provident Societies Act (Northern Ireland) 1969; and
“co-operative society” has the same meaning as in section 1 of the 1965 Act or, as the case may be, the 1969 Act.