(1) This Regulation applies to an investment company with fixed capital authorised under these Regulations.
(2) A company to which this Regulation applies shall include the words "investment company" or "cuideachta infheistíochta" on all its deeds, announcements, publications, letters and other documents.
(a) Subject to this Regulation, a company to which this Regulation applies may, if so authorised by its articles, issue redeemable preference shares which are liable at the option of the shareholder to be redeemed, and redeem them accordingly.
(b) The issue and redemption of shares by a company pursuant to subparagraph (a) shall be subject to the following conditions:
(i) no redeemable shares shall be redeemed unless they are fully paid;
(ii) no such shares shall be redeemed except out of profits available for distribution or out of the proceeds of a fresh issue of shares made for the purposes of redemption; and
(iii) the premium, if any, payable on redemption shall have been pro
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