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Version status: In force | Document consolidation status: Updated to reflect all known changes
Version date: 21 March 2016 - onwards
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Schedule 12 Employee Share Ownership Trusts

Section 519.

Interpretation

1.

(1) For the purposes of this Schedule -

"ordinary share capital" has the same meaning as in section 2;

"relevant company" means -

(a) a company into which a trustee savings bank has been reorganised under section 57 of the Trustee Savings Banks Act, 1989,

(b) ICC Bank plc,

(c) ACC Bank plc, or

(d) a company which acquired control of the Irish National Petroleum Corporation Limited;

"securities" means shares (including stock) and debentures.

(2) For the purposes of this Schedule, the question whether one company is controlled by another shall be construed in accordance with section 432.

(3) For the purposes of this Schedule, a company falls within the founding company's group at a particular time if -

(a) it is the founding company, or

(b) at that time, it is controlled by the founding company and the trust concerned referred to in paragraph 2(1) is expressed to extend to it.

(3A) For the purposes of this Schedule a company falls within the relevant compan

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