Amendment of Article 331 of the 1986 Order
17. In Article 331 of the 1986 Order (prohibition on directors dealing in share options) after paragraph (5) insert –
“(6) This Article is not to be taken as penalising a director of a company who buys a right to call for delivery at a specified price within a specified time of a specified number of shares held as treasury shares by the company or by a relevant company which is that company’s subsidiary or holding company or a subsidiary of that company’s holding company.
(7) For the purposes of paragraph (6) –
(a)“relevant company” means a company listed in Article 1 of Council Directive 77/91/EEC(1), and
(b)shares of a relevant company (other than a company within the meaning of Article 3(1)) are held as treasury shares if –
(i)they fall within Article 172(4)(a) to (d) (qualifying shares), and
(ii)they are held by the relevant company in accordance with provisions of the law of a member State implementing Articles 19 to 22 of that Directive.”.
O.J. No. L26/77 with amendments 291/79, 345/80, 302/85, 347/92