The Personal Equity Plan (Amendment No. 2) Regulations 1996

• Citation: S.I. 1996/1355
• Sections: 4

Section 1

(1) These Regulations may be cited as the Personal Equity Plan (Amendment No. 2) Regulations 1996 and shall come into force on 23rd May 1996.

(2) Regulations 2, 3 and 4 have effect in relation to transfers of, or renunciations of rights to, shares to a plan manager after these Regulations come into force.

Section 2

The Personal Equity Plan Regulations 1989 shall be amended in accordance with regulations 3 and 4.

Section 3

In regulation 4(3) after sub-paragraph (a) there shall be inserted—

(aa) that the shares were not allotted or allocated to the qualifying individual in the circumstances specified in paragraph (3A);

Section 4

After regulation 4(3) there shall be inserted—

(3A) The circumstances specified in this paragraph are where—

(a) the allotment or allocation of the shares was connected with the allotment or allocation of—

(i) shares in the company of a different class, or

(ii) rights to shares in the company of a different class, or

(iii) shares or rights to shares in another company, or

(iv) securities or rights to securities of the company or of another company,

to that individual or to any other person; and

(b) the terms on which the shares were offered were significantly more favourable to the qualifying individual than they would have been if their allotment or allocation had not been connected as described in sub-paragraph (a).