# Income and Corporation Taxes Act 1988, Paragraph 32

Extent: E+W+S+N.I.

(1) The trust instrument must contain a provision prohibiting the trustees from disposing of any shares, except as mentioned in paragraph 1(1)(a), (b) , (c) or (cc) of Schedule 10, during the period of retention (whether by transfer to the participant or otherwise).
(2) The trust instrument must contain a provision prohibiting the trustees from disposing of any shares after the end of the period of retention and before the release date except—
(a) pursuant to a direction given by or on behalf of the participant or any person in whom the beneficial interest in his shares is for the time being vested; and
(b) by a transaction which would not involve a breach of the participant’s obligations under paragraph 2(2)(c) or (d) above.

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Source: https://www.legislation.gov.uk/ukpga/1988/1/schedule/9/paragraph/32 (the official version)
Page: https://openlegislation.uk/income-and-corporation-taxes-act-1988/schedule-9/paragraph-32
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.