Part 17

A company's share capital
Chapter 3

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

Exclusion of right of pre-emption

Exclusion of requirements by private companies
567
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.
Pts. 1-39 (except for Pt. 7 and ss. 662-669), 45-47 extended (12.5.2011) by The Companies Act 2006 (Consequential Amendments and Transitional Provisions) Order 2011 (S.I. 2011/1265), art. 5(1), Sch. 1 para. 2
Pts. 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))
Pt. 17 Ch. 3 excluded (8.12.2017) by The Risk Transformation Regulations 2017 (S.I. 2017/1212), regs. 1(2), 176(4) (with reg. 189)