Article 31 - Redemption or purchase of own Shares

(1) An LLC may, if authorised to do so by its articles of association, and in accordance with the provisions of such articles of association, redeem any of its Shares which pursuant to its articles of association are to be redeemed, or are liable to be redeemed, at the option of the LLC or the holder of the relevant Shares.
(2) No redeemable Shares shall be issued by an LLC, nor shall any Shares in an LLC be converted into redeemable Shares, if, following such issue or conversion, there would be no Shares in the LLC which are not redeemable.
(3) A redemption of redeemable Shares shall only be made from the following sources:
(A) in the case of the nominal value of the Shares, from paid up capital, share premium and other reserves of the LLC; or
(B) in the case of any premium, from realised or unrealised profits, share premium or other reserves of the LLC.
(4) Upon redemption of Shares under this Article 31, such Shares shall be taken as cancelled and accordingly the amount of the LLC's issued share capital shall be diminished by the nominal value of those Shares but redemption shall not be taken as reducing the authorised share capital of the LLC.
(5) Where pursuant to this Article 31 an LLC is about to redeem Shares, it may issue Shares up to the nominal amount of the Shares to be redeemed as if those Shares had never been issued.
(6) This Article does not apply to an LLC that is a Collective Investment Fund.
Amended (as from 5th April 2015).