Part 5Enterprise investment scheme
Chapter 3General requirements
The requirements
173The shares requirement
1
The relevant shares must meet—
a
the requirements of subsection (2), and
b
unless they are bonus shares, the requirements of subsection (3).
2
Shares meet the requirements of this subsection if they are ordinary shares which do not, at any time during period B, carry—
a
any present or future preferential right to dividends or to a company's assets on its winding up, or
b
any present or future right to be redeemed.
3
Shares meet the requirements of this subsection if they—
a
are subscribed for wholly in cash, and
b
are fully paid up at the time they are issued.
4
Shares are not fully paid up for the purposes of subsection (3)(b) if there is any undertaking to pay cash to any person at a future date in respect of the acquisition of the shares.