(a) In this section -
"director" has the same meaning as in Chapter 3 of Part 5;
"eligible employee", in relation to a qualifying company, means -
(i) where the company is a trading company, a director or an employee of the company, or
(ii) where the company is a holding company, a director or an employee of the company or of a company which is its 75 per cent subsidiary;
"eligible shares", in relation to a qualifying company, means new shares forming part of the ordinary share capital of the company which -
(i) are fully paid up,
(ii) throughout the period of 3 years beginning with the date on which they are issued, carry no present or future preferential right to dividends or to the company's assets on its winding up and no present or future preferential right to be redeemed,
(iii) are not subject to any restrictions other than restrictions which attach to all shares of the same class, and
(iv) are issued to and acquired by an eligible employee in relation to the company at not l
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