Where the laws of a Member State authorize companies to issue redeemable shares, they shall require that the following conditions, at least, are complied with for the redemption of such shares:
(a) redemption must be authorized by the company's statutes or instrument of incorporation before the redeemable shares are subscribed for;
(b) the shares must be fully paid up;
(c) the terms and the manner of redemption must be laid down in the company's statutes or instrument of incorporation;
(d) redemption can be only effected by using sums available for distribution in accordance with Article 15(1) or the proceeds of a new issue made with a view to effecting such redemption;
(e) an amount equal to the nominal value or, in the absence thereof, to the accountable par of all the redeemed shares must be included in a reserve which cannot be distributed to the shareholders, except in the event of a reduction in the subscribed capital; it may be used only for the purpose of increasing the su