526. Exclusion of requirements by private companies

(1) All or any of the requirements of—
(a) section 520 (existing shareholders' right of pre-emption), or
(b) section 521 (communication of pre-emption offers to shareholders)
may be excluded by provision contained in the articles of a private company.
(2) They may be excluded—
(a) generally in relation to the allotment by the company of equity securities, or
(b) in relation to allotments of a particular description.
(3) Any requirement or authorisation contained in the articles of a private company that is inconsistent with either of those sections is treated for the purposes of this section as a provision excluding that section.
(4) A provision to which section 527 applies (exclusion of pre-emption right: corresponding right conferred by articles) is not to be treated as inconsistent with section 520.