(1) The directors of a company may exercise a power of the company -
(a) to allot shares in the company, or
(b) to grant rights to subscribe for or to convert any security into shares in the company,
if they are authorised to do so by the company's articles or by resolution of the company.
(2) Authorisation may be given for a particular exercise of the power or for its exercise generally, and may be unconditional or subject to conditions.
(3) Authorisation must -
(a) state the maximum amount of shares that may be allotted under it, and
(b) specify the date on which it will expire, which must be not more than five years from -
(i) in the case of authorisation contained in the company's articles at the time of its original incorporation, the date of that incorporation;
(ii) in any other case, the date on which the resolution is passed by virtue of which the authorisation is given.
(4) Authorisation may -
(a) be renewed or further renewed by resolution of the company for a further period
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