Commentary on Sections Overview Part 3: Eligibility of individuals Paragraph 14: Time of eligibility to participate
2987.This paragraph states (in sub-paragraph (1)) that the SIP must provide that an individual may only participate in an award of plan shares if the individual is eligible to participate in the award at the appropriate time. The expression “the appropriate time” is new, and has been devised to help to make the rest of this paragraph easier to understand.
2988.Sub-paragraphs (2) to (6) specify “the appropriate time” in the case of the various different classes of plan shares. Each class of plan shares has been made the subject of a separate sub-paragraph; and in cases involving matching shares (see sub-paragraphs (5) and (6)) the provisions in paragraph 13(1)(b) of Schedule 8 have been supplemented by those in paragraph 13(2).
2989.Sub-paragraphs (7) and (8) deal with the meaning of the expression “eligible to participate”.
2990.This paragraph derives from paragraph 13 of Schedule 8. The material in that paragraph has been substantially recast.