C1Part 17A company's share capital

Annotations:
Modifications etc. (not altering text)

Chapter 2Allotment of shares: general provisions

Power of directors to allot shares

550Power of directors to allot shares etc: private company with only one class of shares

Where a private company has only one class of shares, the directors may exercise any power of the company—

a

to allot shares of that class, or

b

to grant rights to subscribe for or to convert any security into such shares,

except to the extent that they are prohibited from doing so by the company's articles.