Section 575(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— the person is not treated as a person who holds ordinary shares, and the shares are not treated as forming part of the ordinary share capital of the company.

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