32(1)M1The trust instrument must contain a provision prohibiting the trustees from disposing of any shares, except as mentioned in paragraph 1(1)(a), (b) [F1, (c) or (cc)] of Schedule 10, during the period of retention (whether by transfer to the participant or otherwise).U.K.
(2)The trust instrument must contain a provision prohibiting the trustees from disposing of any shares after the end of the period of retention and before the release date except—
(a)pursuant to a direction given by or on behalf of the participant or any person in whom the beneficial interest in his shares is for the time being vested; and
(b)by a transaction which would not involve a breach of the participant’s obligations under paragraph 2(2)(c) or (d) above.
Textual Amendments
F1Words in Sch. 9 para. 32(1) substituted (with effect in accordance with s. 101(9)(10) of the amending Act) by Finance Act 1994 (c. 9), s. 101(5)
Marginal Citations
M1Source—1978 Sch.9 13; 1980 s.46(13)