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Companies Act 2006
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Companies Act 2006, Section 573 is up to date with all changes known to be in force on or before 22 November 2024. There are changes that may be brought into force at a future date. Changes that have been made appear in the content and are referenced with annotations.
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573Disapplication of pre-emption rights: sale of treasury sharesU.K.
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Nodiadau Esboniadol
(1)This section applies in relation to a sale of shares that is an allotment of equity securities by virtue of [F1section 560(3)](sale of shares held by company as treasury shares).
(2)The directors of a company may be given power by the articles, or by a special resolution of the company, to allot equity securities as if section 561 (existing shareholders' right of pre-emption)—
(a)did not apply to the allotment, or
(b)applied to the allotment with such modifications as the directors may determine.
(3)The provisions of section 570(2) and (4) apply in that case as they apply to a case within subsection (1) of that section.
(4)The company may by special resolution resolve that section 561—
(a)shall not apply to a specified allotment of securities, or
(b)shall apply to the allotment with such modifications as may be specified in the resolution.
(5)The provisions of section 571(2) and (4) to (7) apply in that case as they apply to a case within subsection (1) of that section.
Textual Amendments
F1Words in s. 573(1) substituted (1.10.2009) by The Companies Act 2006 (Allotment of Shares and Right of Pre-emption) (Amendment) Regulations 2009 (S.I. 2009/2561), reg. 2(5)
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