Part 17A company’s share capital
Chapter 3Allotment of equity securities: existing shareholders' right of pre-emption
Disapplication of pre-emption rights
573Disapplication of pre-emption rights: sale of treasury shares
1
This section applies in relation to a sale of shares that is an allotment of equity securities by virtue of section 560(2)(b) (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.