Shares subject to preemptive rights that are not acquired by shareholders may be issued to any person for a period of one year after being offered to shareholders at a consideration set by the board of directors that is not lower than the consideration set for the exercise of preemptive rights.
译文：受限于优先认购权且未被股东取得的股票，可以在向股东发出要约后一年内按照董事会确定的对价发行给任何人，但其对价不得低于行使优先认购权购买股票应支付的对价。
分析：这句话内容并不算很难，但修饰语比较多，因此翻译时首先要理清句子成分，找到句子主干。
Shares (subject to preemptive rights shares[1]) (that are not acquired by shareholders[2]) may be issued to any person (for a period of one year after being offered to shareholders[3]) (at a consideration set by the board of directors that is not lower than the consideration set for the exercise of preemptive rights.[4])
[1]subject to preemptive rights shares 为shares的后置定语，可译为“受限于优先认购权的股票”。
[2]that are not acquired by shareholders为定语从句，修饰shares，可译为“未被股东取得的股票”。
[3]for a period of one year after being offered to shareholders 为介词短语作时间状语，可译为“在向股东发出要约后一年内”。
[4]at a consideration set by the board of directors that is not lower than the consideration set for the exercise of preemptive rights 整体为介词短语作状语，以……的对价，但短语中又包含了一个修饰consideration的定语从句，即不低于行使优先认购权购买股票应支付的对价。
通过以上分析，可以看出，本句的句子主干很简单，即shares may be issued to any person （可以向任何人发行股票），然后只要将修饰语成分插入其中就可以了。
以下是本句中可能会中理解上出现困难的一些词汇：
Preemptive right “优先认购权”。根据《元照英美法词典》，此词特指“优先认购权”，特指股东为保持其股权比例而对公司新发行股份享有的一种优先权。 容易与其混淆的是 “优先购买权Right of first refusal”指对已提出但尚未完成的合同的条款优先进行取舍的权利。权利人如果愿意购买某项不动产，则较善意第三人在同等条件下有优先购买的权利。
Subject to “受制于……，以……为条件”。例如“subject to contract”,译为“以合同为准，以合同为条件”。Shares subject to preemptive rights “受优先认购权限制的股票”。
Offer在法律英语中表示“要约、报价”。
