Question：The statutory right of pre-emption under S 561 requires that:
　　A. If a company proposes to repay a proportion of its shareholders the amount of their paid-up share capital, it must offer the option to the holders of participating preference shares before other classes of shareholders.
　　B. If a company proposes to allot equity securities for any kind of consideration it must offer these shares first to holders of similar shares in proportion to their holdings.
　　C. If a company proposes to allot equity securities wholly for cash it must offer these shares first to holders of similar shares in proportion to their holdings.
　　D. If a company proposes to reduce the amount of its issued share capital, it must offer cash to the holders of the largest blocks of shares first.
　　The correct answer is:If a company proposes to allot equity securities wholly for cash it must offer these shares first to holders of similar shares in proportion to their holdings.
　　解析：The statutory right of pre-emption under S 561 requires that if a company proposes to allot equity securities wholly for cash it must offer these shares first to holders of similar shares in proportion to their holdings.
　　S 561 only applies where the issue is wholly for cash.