C1Part 17A company's share capital

Annotations:
Modifications etc. (not altering text)

Chapter 3Allotment of equity securities: existing shareholders' right of pre-emption

Exclusion of right of pre-emption

567Exclusion of requirements by private companies

1

All or any of the requirements of—

a

section 561 (existing shareholders' right of pre-emption), or

b

section 562 (communication of pre-emption offers to shareholders)

may be excluded by provision contained in the articles of a private company.

2

They may be excluded—

a

generally in relation to the allotment by the company of equity securities, or

b

in relation to allotments of a particular description.

3

Any requirement or authorisation contained in the articles of a private company that is inconsistent with either of those sections is treated for the purposes of this section as a provision excluding that section.

4

A provision to which section 568 applies (exclusion of pre-emption right: corresponding right conferred by articles) is not to be treated as inconsistent with section 561.