(1) Subject to the provisions of this section, a company limited by shares may, if so authorised by its articles, redeem any preference shares issued by it before the 5th day of May, 1959, so, however, that -
(a) no such shares shall be redeemed unless they are fully paid;
(b) no such shares shall be redeemed except out of profits of the company which would otherwise be available for dividend or out of the proceeds of a fresh issue of shares made for the purposes of the redemption;
(c) no such shares shall be redeemed at a sum greater than the issue price of such shares;
(d) the redemption of such shares and the terms and the manner thereof must have been authorised by a special resolution of the company;
(e) notice of the meeting at which the special resolution referred to in paragraph (d) is to be proposed and a copy of the said resolution must be published in Iris Oifigiúil and in at least one daily newspaper circulating in the district in which the registered office of the co