59(1)Holders of shares of preferred stock are shareholders within the meaning of this Act, and in all respects possess the rights and are subject to the liabilities of shareholders, but in respect of dividends, and in any other respect as authorized by this Act, they are, as against the ordinary shareholders, entitled to the preferences and rights and subject to the restrictions and limitations given by the letters patent or supplementary letters patent.

59(2)Where preference shares or deferred shares are issued subject to redemption, purchase for cancellation or conversion, they shall not be redeemed, purchased for cancellation or converted until they have been paid up in full.

59(3)Where preference shares are redeemed or purchased for cancellation by the company they are thereby cancelled, and the authorized and the issued capital of the company is thereby decreased.

59(1)Holders of shares of preferred stock are shareholders within the meaning of this Act, and in all respects possess the rights and are subject to the liabilities of shareholders, but in respect of dividends, and in any other respect as authorized by this Act, they are, as against the ordinary shareholders, entitled to the preferences and rights and subject to the restrictions and limitations given by the letters patent or supplementary letters patent.

59(2)Where preference shares or deferred shares are issued subject to redemption, purchase for cancellation or conversion, they shall not be redeemed, purchased for cancellation or converted until they have been paid up in full.

59(3)Where preference shares are redeemed or purchased for cancellation by the company they are thereby cancelled, and the authorized and the issued capital of the company is thereby decreased.