Article of association prohibiting the exercise of the power to allot shares under CA 2006, s 550 and giving authority to allot shares under CA 2006, s 551 (private company with one class of shares)
Article of association prohibiting the exercise of the power to allot shares under CA 2006, s 550 and giving authority to allot shares under CA 2006, s 551 (private company with one class of shares)

The following Corporate precedent provides comprehensive and up to date legal information covering:

  • Article of association prohibiting the exercise of the power to allot shares under CA 2006, s 550 and giving authority to allot shares under CA 2006, s 551 (private company with one class of shares)

    1. 1

      Authority to allot shares—no distinction made between different classes of shares (general or specific authority)

      1. 1.1

        Save to the extent that they are authorised to do so by these articles or from time to time by ordinary resolution of the company, the directors of the company shall not exercise any power of the company to allot shares or to grant rights to subscribe for, or to convert any security into, any shares in the company.

      1. 1.2

        Subject to article 1.3[, OR and] 1.4 [and [insert reference to any relevant articles that set out pre-emption rights]], the directors are [generally and unconditionally authorised, for the purpose of section 551 of the CA 2006 and generally, to exercise all and any powers of the company to allot shares and to grant rights to subscribe for, or to convert any security into, shares in the company to any person, at any time and subject to any terms and conditions as the directors think proper, up to an aggregate nominal amount of £[insert maximum nominal amount] OR specifically authorised, for the purpose of section 551 of the CA 2006 and generally, to [insert details of the specific authority to allot and to grant rights to subscribe for, or to convert any security into, shares in the company, including any conditions that it may be subject to]].

      1. 1.3

        The authority set

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