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14(1)Except where scheme shares are shares in a company the ordinary share capital of which consists of shares of one class only, the majority of the issued shares of the same class either must be employee-control shares or must be held by persons other than—
(a)persons who acquired their shares in pursuance of a right conferred on them or an opportunity afforded to them as a director or employee of the grantor or any other company and not in pursuance of an offer to the public;
(b)trustees holding shares on behalf of persons who acquired their beneficial interests in the shares as mentioned in sub-paragraph (a) above; and
(c)in a case where the shares fall within sub-paragraph (c), but not within sub-paragraph (a), of paragraph 11 above, companies which have control of the company whose shares are in question or of which that company is an associated company.
(2)In its application to a profit sharing scheme, sub-paragraph (1) above shall have effect with the addition after the words “ordinary share capital of which” of the words “at the time of the acquisition of the shares by the trustees”.
(3)For the purposes of this paragraph, shares in a company are employee-control shares if—
(a)the persons holding the shares are, by virtue of their holding, together able to control the company; and
(b)those persons are or have been employees or directors of the company or of another company which is under the control of the company.
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