Scheme of reorganisation

Variation of approved scheme

8.—(1) Subject to paragraph (2), the Department may approve a variation of an approved scheme on the application of the Board made before the vesting day under the scheme.

(2) The Department shall not approve a variation of an approved scheme unless—

(a)it is satisfied—

(i)that the Board has taken reasonable steps to bring the principle of the proposed variation to the attention of persons who are registered producers; or

(ii)that the proposed variation is not sufficiently important to require the principle of it to be brought to their attention; and

(b)it is satisfied that its decisions under Article 6(2)(a)(ii) and (3)(a) would not have been different had the scheme included the proposed variation.