(1) In the case of a public company the provisions of this Chapter do not apply to an allotment of equity securities that are subject to a pre-emption requirement in relation to which section 96(1) of the Companies Act 1985 (c 6) or Article 106(1) of the Companies (Northern Ireland) Order 1986 (SI 1986/1032 (NI 6)) applied immediately before the commencement of this Chapter.
(2) In the case of a private company a pre-emption requirement to which section 96(3) of the Companies Act 1985 or Article 106(3) of the Companies (Northern Ireland) Order 1986 applied immediately before the commencement
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