[F1IntroductionU.K.
Textual Amendments
F1Pt. 7 Ch. 3 substituted (1.9.2003 with effect in accordance with Sch. 22 para. 4(2) of the amending Act) by Finance Act 2003 (c. 14), Sch. 22 para. 4(1); S.I. 2003/1997, art. 2
435Application of this ChapterU.K.
This Chapter applies to employment-related securities if they are—
(a)convertible securities, or
(b)an interest in convertible securities,
at the time of the acquisition.
436“Convertible securities”U.K.
For the purposes of this Chapter securities are convertible securities if—
(a)they confer on the holder an immediate or conditional entitlement to convert them into securities of a different description,
(b)a contract, agreement, arrangement or condition authorises or requires the grant of such an entitlement to the holder if certain circumstances arise, or do not arise, or
(c)a contract, agreement, arrangement or condition makes provision for the conversion of the securities (otherwise than by the holder) into securities of a different description.]