36 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 in priority 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 not less than 14 days from the date that the offer is made.
(5) Nothing in this section prevents the memorandum or articles of a company from modifying the provisions of this section.