Article 46 Banking VRTS allowances

(1)

A VRTS allowance which is allocated to a VRTS participant in accordance with article 45 for a scheme year (referred to in this article as “the scheme year of allocation”) may be—

(a)

surrendered in accordance with article 59 by that VRTS participant, or by a VRTS participant which acquires the VRTS allowance through trading in accordance with article 57, for the scheme year of allocation, or for any of the three subsequent scheme years;

(b)

traded in accordance with article 57 during the trading window following the scheme year of allocation or the trading window following any of the three subsequent scheme years, by that participant or by a VRTS participant which acquires the VRTS allowance through trading in accordance with article 57;

(c)

exchanged for VCTS allowances in accordance with article 67 for the scheme year of allocation or for any of the three subsequent scheme years.

(2)

A VRTS participant may bank parts of VRTS allowances, but may not bank a part smaller than one tenth of a VRTS allowance.