57 Pre-emptive rights

(1) Subsections (2) to (4) apply to a company where the memorandum or
articles of the company expressly provide that this section shall apply to
the company, but not otherwise.

(2) Before issuing shares that rank or would rank as to voting or distribution
rights, or both, equally with or prior to shares already issued by the
company, the directors shall offer the shares to existing shareholders in
such a manner that, if the offer was accepted by those shareholders, the
existing voting or distribution rights, or both, of those shareholders would
be maintained.

(3) Shares offered to existing shareholders under subsection (2) shall be
offered at such price and on such terms as the shares are to be offered to
other persons.

(4) An offer made under subsection (2) must remain open for acceptance for a
period of not less than 21 days.


(5) Nothing in this section prevents the memorandum or articles of a company
from modifying the provisions of this section or from making different
provisions with respect to pre-emptive rights.