Part 17A company's share capital

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.