SCHEDULES

SCHEDULE 2F1... share incentive plans

Annotations:
Amendments (Textual)
F1

Word in Sch. 2 title omitted (6.4.2014) by virtue of Finance Act 2014 (c. 26), Sch. 8 paras. 14, 89 (with Sch. 8 paras. 90-96)

Part 4Types of shares that may be awarded

Shares must be fully paid up and not redeemable

28

1

Eligible shares must be—

a

fully paid up, and

b

not redeemable.

2

For the purposes of sub-paragraph (1)(a) shares are not to be regarded as fully paid up if there is an undertaking to pay cash at a future date to the company whose shares they are.

3

For the purposes of sub-paragraph (1)(b) “redeemable” shares include shares that may become redeemable at a future date.

4

Sub-paragraph (1)(b) does not apply to shares in F2a registered co-operative society.

F35

In sub-paragraph (4) “registered co-operative society” means—

a

a society registered as a co-operative society under the Co-operative and Community Benefit Societies Act 2014,

b

a pre-commencement society (within the meaning of that Act) that is a co-operative society within the meaning of section 2 of that Act,

c

a society registered or deemed to be registered under the Industrial and Provident Societies Act (Northern Ireland) 1969 that is a co-operative society within the meaning of section 1 of that Act , or

d

an SCE formed in accordance with Council Regulation (EC) No 1435/2003 on the Statute for a European Cooperative Society.