Sch 11 para 16
(1) The securities are issued by a body corporate and are offered— (a) by the issuer, by a body corporate connected with the issuer or by a relevant trustee; (b) only to qualifying persons; and (c) on terms that a contract to acquire any such securities may be entered into only by the qualifying person to whom they were offered or, if the terms of the offer so permit, any qualifying person. (2) A person is a “qualifying person”, in relation to an issuer, if he is a genuine employee or former employee of the issuer or of another body corporate in the same group or the wife, husband, widow, widower or child or stepchild under the age of eighteen of such an employee or former employee. (3) In relation to an issuer of securities, “ connected with ” has such meaning as may be prescribed. (4) “ Group ” and “ relevant trustee ” have such meaning as may be prescribed.