Section 551(7)

The directors may allot shares, or grant rights to subscribe for or to convert any security into shares, after authorisation has expired if— the shares are allotted, or the rights are granted, in pursuance of an offer or agreement made by the company before the authorisation expired, and the authorisation allowed the company to make an offer or agreement which would or might require shares to be allotted, or rights to be granted, after the authorisation had expired.

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Source: legislation.gov.uk · retrieved 2026-09-04