# Companies Act 1948, Paragraph 5


The basic conditions shall be subject to an exception for any shares or debentures held by trustees for the purposes of a scheme maintained for the benefit of employees of the company, including any director holding a salaried employment or office in the company.

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Source: https://www.legislation.gov.uk/ukpga/Geo6/11-12/38/schedule/SEVENTH/paragraph/5 (the official version)
Page: https://openlegislation.uk/companies-act-1948/schedule-SEVENTH/paragraph-5
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.