# The Personal Equity Plan (Amendment) Regulations 1997, Note: Explanatory note


(This note is not part of the Regulations)
These Regulations further amend the Personal Equity Plan Regulations 1989 (S.I. 1989/469 as amended by S.I. 1990/678, 1991/733, 2774, 1992/623, 1993/756, 1995/1539, 3287, 1996/846 and 1355) (“the principal Regulations”) and come into force on 20th March 1997. The main effect of the amendments is that, from the date when these Regulations come into force, members and employees (including former employees and their dependents who are pensioners) of mutual insurance companies and their wholly-owned subsidiaries, who are entitled to acquire shares on advantageous terms in successor companies, will be able to subscribe to a plan by transferring to it shares which they are entitled to acquire in this way. These Regulations also amend the similar provisions relating to shares in the successor companies of building societies so that former employees of societies and their wholly-owned subsidiaries and their dependents who are pensioners may transfer such shares which they are entitled to acquire on advantageous terms to a plan.
Regulation 1 provides for citation and commencement.
Regulation 2 contains definitions.
Regulation 3 contains the amendments to the provision in the principal Regulations for the transfer to plans of shares in successor companies to building societies and inserts in the principal Regulations the new provision for the transfer to plans of shares in successor companies to mutual insurance companies.
Regulation 4 contains a consequential amendment.
Regulation 5 clarifies the effect of the provision in the principal Regulations for returns of information by plan managers.

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Source: https://www.legislation.gov.uk/uksi/1997/511/note (the official version)
Page: https://openlegislation.uk/personal-equity-plan-amendment-regulations-1997/note
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.