422Application of this ChapterU.K.
This section has no associated Explanatory Notes
(1)This Chapter applies where—
(a)a person (“the employee”) acquires a beneficial interest in shares in a company as a director or employee of that or another company, and
(b)the interest is acquired on terms that make it only conditional.
(2)In this Chapter—
“the employee’s interest” means the beneficial interest in shares acquired by the employee as mentioned in subsection (1);
“the employer company” means the company as a director or employee of which the employee’s interest is acquired;
“” means the shares mentioned in subsection (1)(a);
and “director” and “employee” have the extended meaning given by section 434(1).