# Agriculture Act 1993, Paragraph 47


(1) Where an approved scheme provides for rights and liabilities of a lessee under a qualifying agreement to be transferred to a company on a day earlier than the vesting day under the scheme, the provision shall have effect by virtue of this paragraph if, immediately before the day of the transfer, the company is a qualifying transferee.
(2) In sub-paragraph (1) above, “qualifying agreement” means an agreement under which moveable property is leased to the board to which the scheme relates or to a subsidiary of that board.
(3) For the purposes of sub-paragraph (1) above, a company is a qualifying transferee if it is—
(a) a company in relation to which the scheme provides for the taking of steps with a view to securing its quotation on the Stock Exchange,
(b) a subsidiary of a company falling within paragraph (a) above, or
(c) a company which, if the scheme is carried out, will become a subsidiary of a company falling within paragraph (a) above before that company is quoted on the Stock Exchange.

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Source: https://www.legislation.gov.uk/ukpga/1993/37/schedule/2/paragraph/47 (the official version)
Page: https://openlegislation.uk/agriculture-act-1993/schedule-2/paragraph-47
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.