(1) This section applies in relation to a sale of shares that is an allotment of equity securities by virtue of [section 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
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