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12(1)The scheme must not permit any person obtaining rights under it to transfer any of them but may provide that if such a person dies before exercising them, they may be exercised after, but not later than one year after, the date of his death.
(2)Where the scheme contains the provision permitted by sub-paragraph (1) above and any rights are exercised—
(a)after the death of the person who obtained them ; but
(b)before the expiry of the period of ten years beginning with his obtaining them ;
subsection (3) of section 38 of this Act shall apply with the omission of the reference to the conditions mentioned in subsection (4).
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