(1) Where the directors of a company are authorised for the purposes of section 551 (power of directors to allot shares etc: authorisation by company), whether generally or otherwise, the company may by special resolution resolve that section 561 (existing shareholders' right of pre-emption) -
(a) does not apply to a specified allotment of equity securities to be made pursuant to that authorisation, or
(b) applies to such an allotment with such modifications as may be specified in the resolution.
(2) Where such a resolution is passed the provisions of this Chapter have effect accordingly.
(3) A special resolution under this section ceases to have effect when the authorisation to which it relates -
(a) is revoked, or
(b) would (if not renewed) expire.
But if the authorisation is renewed the resolution may also be renewed, for a period not longer than that for which the authorisation is renewed, by a special resolution of the company.
(4) Notwithstanding that any such resolution has expi
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