Redemption of minority shares

(1) Subject to any limitations in the Memorandum or (a) members holding 90 per cent of the votes of the outstanding shares entitled to vote; and (b) members holding 90 per cent of the votes of the outstanding shares of each class and series of shares entitled to vote as a class or series, on a merger or consolidation under section 84, may give a written instruction to a company incorporated under this Act directing the company to redeem the shares held by the remaining members. (2) Upon receipt of the written instruction referred to in sub- section (1) of this section, the company shall redeem the shares specified in the written instruction irrespective of whether or not the shares are by their terms redeemable. (3) The company must give written notice to each member whose shares are to be redeemed stating the redemption price and the manner in which the redemption is to be effected.