Part 17U.K.A company's share capital

Modifications etc. (not altering text)

C1Pts. 1-39 modified (31.12.2020) by Regulation (EC) No. 2157/2001, Art. AAA1(3) (as inserted by The European Public Limited-Liability Company (Amendment etc.) (EU Exit) Regulations 2018 (S.I. 2018/1298), regs. 1, 97 (with regs. 140-145) (as amended by S.I. 2020/523, regs. 1(2), 5(a)-(f)); 2020 c. 1, Sch. 5 para. 1(1))

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

Modifications etc. (not altering text)

Exclusion of right of pre-emptionU.K.

567Exclusion of requirements by private companiesU.K.

(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.