(a ) the terms under which the shares were to be redeemed or purchased provided for the redemption or purchase to take place at a date later than that of the commencement of the winding up; or (b ) during the period commencing with the date on which the redemption or purchase was to have taken place and ending with the commencement of the winding up, the company could not at any time have lawfully paid a dividend to shareholders equal in value to the price at which the shares were to have been redeemed or purchased. (4 ) There shall be paid in priority to any amount which the company is liable in terms of subsection (2) to pay in respect of any shares— (a ) all other debts and liabilities of the company, other than any due to members in their capacity as such; and (b ) if other shares carry rights, whether as to capital or as to income, which are preferent to the rights as to capital attaching to the first-mentioned shares, any amount due in satisfaction of those preferred rights; and, thereafter, any such amount shall be paid in priority to any amounts due to members in satisfaction of their rights, whether as to capital or income, as members. (5 ) Where by virtue of section 109 of the Insolvency Act [Chapter 6:04] as applied by subsection (1) of section two hundred and ninety-one a creditor of a company is entitled to the payment of any interest only after payment of all other debts of the company, the company’s debts and liabilities shall, for the purpose of subsection (4), include the liability to pay that interest. Miscellaneous Provisions as to Share Capital 85 Power of company to arrange for different amounts being paid on shares A company, if so authorized by its articles, may do any one or more of the following things— (a ) make arrangements on the issue of shares for a difference between members in the amounts and times of payment of calls on their shares; (b ) accept from any member who assents thereto the whole or a part of the amount remaining unpaid on any shares held by him, although no part of that amount has been called up, and, if the who le amount unpaid on any shares be paid, issue those shares as fully paid up; (c) where a larger amount is paid up on some shares than on others, pay dividends in proportion to the amount paid up on each share. 86 Reserve liability of company A company may by special resolution determine that any portion of its share capital which has not been already called up shall not be capable of being called up, except in the event and for the purposes of the company being wound up or, in respect of a company placed under judicial management, with the sanction of the court, and thereupon that portion of its share capital shall not be cap able of being called up except in the event and for the purposes aforesaid. 87 Power of company to alter its share capital (1 ) A company may by special resolution alter the conditions of its memorandum so as to— (a ) increase its share capital by new shares of such amount as it thinks expedient; (b ) consolidate and divide all or any part of its share capital into shares of larger amount than its existing shares; (c) convert all or any of its paid -up shares into stock and reconvert such stock into paid-up shares of any denomination; (d ) subdivide its shares, or any of them, into shares of smaller amount than is fixed by the memorandum, so, however, that in the subdivision the proportion between the amount paid and the amount, if any, unpaid on each reduced share shall be the same as it was in the case of the share from which the reduced share is derived; (e) cancel shares which at the time of the passing of the resolution in that behalf have not been taken or agreed to be taken by any person and diminish the amount of its share capital by the amount of the shares so cancelled; (f) convert any of its shares, whether issued or not, into shares of another class. (2 ) A cancellation of shares in pursuance of subsection (1) shall not be deemed to be a reduction of share capital within the meaning of this Act. 88 Notice to Registrar of consolidation of share capital, conversion of shares into stock (1 ) If the company has— (a ) consolidated and divided its share capital into shares of larger amount than its existing shares; or (b ) converted any shares into stock; or (c) reconverted stock into shares; or (d ) subdivided its shares or any of them; or (e) redeemed any redeemable preference shares; or