(2) If a share is redeemable on a specified date(a) the company shall redeem the share on that date;(b) unless the share is held as a treasury share under section 64, theshare is deemed to be cancelled; and(c) from the date of redemption, the former shareholder ranks as anunsecured creditor of the company for the sum payable onredemption.(3) Where a company redeems a share under subsections (1) and (2),sections 60 and 61 do not apply