528. Disapplication of pre-emption rights: private company with only one class of shares

(1) The directors of a private company that has only one class of shares may be given power by the articles, or by a special resolution of the company, to allot equity securities of that class as if section 520 (existing shareholders' right of pre-emption)—
(a) did not apply to the allotment, or
(b) applied to the allotment with such modifications as the directors may determine.
(2) Where the directors make an allotment under this section, the provisions of this Chapter have effect accordingly.