509. Power of directors to allot shares etc: private company with only one class of shares

Past version: effective from 14/06/2015 - 13/06/2015
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Where a private company has only one class of shares, the directors may exercise any power of the company—

(a) to allot shares of that class, or
(b) to grant rights to subscribe for or to convert any security into such shares,

except to the extent that they are prohibited from doing so by the company's articles.