Part 17A company’s share capital

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


575Saving for other restrictions on offer or allotment

(1)The provisions of this Chapter are without prejudice to any other enactment by virtue of which a company is prohibited (whether generally or in specified circumstances) from offering or allotting equity securities to any person.

(2)Where a company cannot by virtue of such an enactment offer or allot equity securities to a holder of ordinary shares of the company, those shares are disregarded for the purposes of section 561 (existing shareholders' right of pre-emption), so that—

(a)the person is not treated as a person who holds ordinary shares, and

(b)the shares are not treated as forming part of the ordinary share capital of the company.