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Finance Act 1972
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- UK Public General Acts
- 1972 c. 41
- SCHEDULE 12
- PART I
- Conditions of approval
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Conditions of approval
1The Board shall, on the application of a body corporate (in this Schedule referred to as " the company "), approve a share option scheme or a share incentive scheme if—
(a)the conditions set out in Part II of this Schedule are satisfied with respect to the adoption of the scheme, the persons eligible to participate in it and the shares to be acquired under it or in pursuance of rights conferred under it; and
(b)the further conditions set out in Part III of this Schedule are satisfied if the scheme is a share option scheme and those set out in Part IV of this Schedule if it is a share incentive scheme.
2If, at the time the application is pending, the Board have no evidence that the condition set out in paragraph 6 of Part III or paragraph 5 of Part IV of this Schedule is satisfied, then, if the other conditions are satisfied, the Board may approve the scheme subject to the remaining condition being satisfied; and if that condition is not satisfied the approval shall be of no effect.
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