Shares redeemed pursuant to this Part may be cancelled on redemption, in which case the following provisions shall apply as respects those shares:
(a) The amount of the company's issued share capital shall be reduced by the nominal value of the shares redeemed but no such cancellation shall be taken as reducing the amount of the company's authorised share capital.
(b) Where the shares are -
(i) redeemed wholly out of the profits available for distribution, or
(ii) redeemed wholly or partly out of the proceeds of a fresh issue and the aggregate amount of those proceeds (disregarding any part of those proceeds used to pay any premium on redemption) is less than the aggregate nominal value of the shares redeemed ("the aggregable difference"),
then a sum equal to, in the case of subparagraph (i), the nominal amount of the shares redeemed and, in the case of subparagraph (ii), the aggregable difference shall be transferred to a reserve fund ("the capital redemption reserve fund") and t