(1) On the application of a body corporate (in this Schedule referred to as "the company concerned") which has established a profit sharing scheme which complies with subparagraphs (3) and (4), the Revenue Commissioners shall, subject to section 511, approve of the scheme -
(a) if they are satisfied in accordance with paragraph 4, and
(b) unless it appears to them that there are features of the scheme which are neither essential nor reasonably incidental to the purpose of providing for employees and directors benefits in the nature of interests in shares.
(2) Where the company concerned has control of another company or companies, the scheme may be expressed to extend to all or any of the companies of which it has control, and in this Schedule a scheme which is expressed so to extend is referred to as a "group scheme" and, in relation to a group scheme, "participating company" means the company concerned or a company of which for the time being the company concerned has
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