Finance Act 1972

1 He must retain the beneficial ownership of or his interest in the shares until whichever is the earliest—

(a) the end of the period of three years beginning with his acquisition of his right under the share option scheme or, as the case may be, his acquisition of the shares or interest under the share incentive scheme ; and

(b) his ceasing to be a director or employee by reason of injury, disability or dismissal for redundancy (within the meaning of the [1965 c. 25.] Redundancy Payments Act 1965 or of the [1965 c. 19 (N.I.).] Contracts of Employment and Redundancy Payments Act (Northern Ireland) 1965); and

(c) his death ;

but he shall not be deemed to fail to satisfy this condition by reason only that the shares are acquired by a company which is entitled and bound to do so under section 209 of the [1948 c. 38.] Companies Act 1948 or section 200 of the [1960 c. 22 (N.I.).] Companies Act (Northern Ireland) 1960 (acquisition of shares from dissenting shareholders).