| Commentary

136 Allotment after expiration of authority

| Commentary

136 Allotment after expiration of authority

The directors may allot shares (or grant rights to subscribe for, or to convert, any security into shares) after authorisation has expired if this is done to comply with an offer or agreement made by the company before the expiry date1. This is only possible where the authorisation allowed the company to make an offer or agreement which would or might require shares to be allotted, or the rights to be granted, after the date of expiry2. The original authorisation should therefore clearly give the company this power.

Where a

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