(1) Where the directors of a company are generally authorised for the purposes of section 20, they may be given power by the articles or by a special resolution of the company to allot equity securities pursuant to that authority as if -
(a) section 23(1) did not apply to the allotment;
or
(b) that subsection applied to the allotment with such modifications as the directors may determine;
and where the directors make an allotment under this subsection, the said section 23 shall have effect accordingly.
(2) Where the directors of a company are authorised for the purposes of section 20 (whether generally or otherwise), the company may by special resolution resolve either -
(a) that section 23(1) shall not apply to a specified allotment of equity securities to be made pursuant to that authority; or
(b) that that subsection shall apply to the allotment with such modifications as may be specified in the resolution;
and where such a resolution is passed the said section 23 shall have ef