(1) The directors of a company shall not exercise any power of the company to allot relevant securities, unless the directors are, in accordance with this section, authorised to do so by -
(a) the company in general meeting; or
(b) the articles of the company.
(2) Authority for the purposes of this section may be given for a particular exercise of that power or for the exercise of that power generally, and may be unconditional or subject to conditions.
(3) Any such authority shall state the maximum amount of relevant securities that may be allotted thereunder and the date on which the authority will expire, which shall be not more than five years from whichever is relevant of the following dates -
(a) in the case of an authority contained at the time of the original incorporation of the company in the articles of the company, the date of that incorporation; and
(b) in any other case, the date on which the resolution is passed by virtue of which that authority is given;but any such