(1) The provisions of this section apply where, in a case in which section 561 (existing shareholders' right of pre-emption) would otherwise apply -
(a) a company's articles contain provision ("pre-emption provision") prohibiting the company from allotting ordinary shares of a particular class unless it has complied with the condition that it makes such an offer as is described in section 561(1) to each person who holds ordinary shares of that class, and
(b) in accordance with that provision -
(i) the company makes an offer to allot shares to such a holder, and
(ii) he or anyone in whose favour he has renounced his right to their allotment accepts the offer.
(2) In that case, section 561 does not apply to the allotment of those shares and the company may allot them accordingly.
(3) The provisions of section 562 (communication of pre-emption offers to shareholders) apply in relation to offers made in pursuance of the pre-emption provision of the company's articles.
This is subject to se
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