C3C1Part 17A company's share capital
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
C2Chapter 3Allotment of equity securities: existing shareholders' right of pre-emption
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)
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 F1section 560(3)(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.
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))