- Latest available (Revised)
- Original (As enacted)
This is the original version (as it was originally enacted).
58If a SIP provides for matching shares it must meet the plan requirements contained in—
paragraph 59 (general requirements for matching shares),
paragraph 60 (ratio of matching shares to partnership shares), and
paragraph 61 (holding period for matching shares).
59(1)The plan must provide for the matching shares to be—
(a)shares of the same class and carrying the same rights as the partnership shares to which they relate;
(b)awarded on the same day as the partnership shares to which they relate are awarded; and
(c)awarded to all employees who participate in the award on exactly the same basis.
(2)Sub-paragraph (1) is subject to paragraph 32 (permitted restrictions: provision for forfeiture).
60(1)The partnership share agreement must specify—
(a)the ratio of matching shares to partnership shares for the time being offered by the company, and
(b)the circumstances and manner in which the ratio may be changed by the company.
(2)The ratio must not exceed 2:1 and must be applied by reference to the number of shares.
(3)A partnership share agreement must provide for the employee to be informed by the company if the ratio offered by the company changes before partnership shares are awarded to the employee under the agreement.
61Paragraphs 36 and 37 (the holding period and related matters) apply in relation to matching shares as they apply in relation to free shares.
The Whole Act you have selected contains over 200 provisions and might take some time to download. You may also experience some issues with your browser, such as an alert box that a script is taking a long time to run.
Would you like to continue?
The Whole Act you have selected contains over 200 provisions and might take some time to download.
Would you like to continue?
The Whole Act you have selected contains over 200 provisions and might take some time to download. You may also experience some issues with your browser, such as an alert box that a script is taking a long time to run.
Would you like to continue?
The Whole Act without Schedules you have selected contains over 200 provisions and might take some time to download. You may also experience some issues with your browser, such as an alert box that a script is taking a long time to run.
Would you like to continue?
The Schedules you have selected contains over 200 provisions and might take some time to download. You may also experience some issues with your browser, such as an alert box that a script is taking a long time to run.
Would you like to continue?
Latest Available (revised):The latest available updated version of the legislation incorporating changes made by subsequent legislation and applied by our editorial team. Changes we have not yet applied to the text, can be found in the ‘Changes to Legislation’ area.
Original (As Enacted or Made): The original version of the legislation as it stood when it was enacted or made. No changes have been applied to the text.
Text created by the government department responsible for the subject matter of the Act to explain what the Act sets out to achieve and to make the Act accessible to readers who are not legally qualified. Explanatory Notes were introduced in 1999 and accompany all Public Acts except Appropriation, Consolidated Fund, Finance and Consolidation Acts.
Access essential accompanying documents and information for this legislation item from this tab. Dependent on the legislation item being viewed this may include:
Use this menu to access essential accompanying documents and information for this legislation item. Dependent on the legislation item being viewed this may include:
Click 'View More' or select 'More Resources' tab for additional information including: