Commentary on Sections Overview Part 9: Trustees Paragraph 77: Power of trustees to raise funds to subscribe for rights issue
3176.This paragraph gives the trustees powers to deal with rights arising under a rights issue. The paragraph derives from paragraph 72(1) of Schedule 8; and it gives a separate sub-paragraph to each sentence in that earlier provision.
3177.The expression “rights arising under a rights issue”, the subject of paragraph 72(2) of Schedule 8, occurs in more than one place; and, accordingly, has now been defined for the purposes of the SIP code generally (in paragraph 99(1) of this Schedule).