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but subject to the condition that, where the company which issued the securities in the exchange referred to in paragraph (b) is a company limited by shares ( within the meaning of section 5 of the Companies Act, 1963 as referred to in section 17, 965 or 1004 of the Companies Act 2014), the trustees of the employee share ownership trust have, as a result of the exchange, acquired such percentage of the ordinary share capital of the company which issued the securities that is not less than the percentage of the ordinary share capital of the company which the trustees held immediately prior to the exchange;

but subject to the condition that, where the company which issued the securities in the exchange referred to in paragraph (b) is a company limited by shares ( within the meaning of section 5 of the Companies Act, 1963 as referred to in section 17, 965 or 1004 of the Companies Act 2014), the trustees of the employee share ownership trust have, as a result of the exchange, acquired such percentage of the ordinary share capital of the company which issued the securities that is not less than the percentage of the ordinary share capital of the company which the trustees held immediately prior to the exchange;

but subject to the condition that, where the company which issued the securities in the exchange referred to in paragraph (b) is a company limited by shares ( within the meaning of section 5 of the Companies Act, 1963 as referred to in section 17, 965 or 1004 of the Companies Act 2014), the trustees of the employee share ownership trust have, as a result of the exchange, acquired such percentage of the ordinary share capital of the company which issued the securities that is not less than the percentage of the ordinary share capital of the company which the trustees held immediately prior to the exchange;

but subject to the condition that, where the company which issued the securities in the exchange referred to in paragraph (b) is a company limited by shares ( within the meaning of section 5 of the Companies Act, 1963 as referred to in section 17, 965 or 1004 of the Companies Act 2014), the trustees of the employee share ownership trust have, as a result of the exchange, acquired such percentage of the ordinary share capital of the company which issued the securities that is not less than the percentage of the ordinary share capital of the company which the trustees held immediately prior to the exchange;

(1) In this Chapter and in Schedule 11—

“the company concerned” has the meaning assigned to it by paragraph 3(1) of Schedule 11;

“group scheme” and, in relation to such a scheme, “participating company” have the meanings respectively assigned to them by paragraph 3(2) of Schedule 11;

“the trust instrument”, in relation to an approved scheme, means the instrument referred to in paragraph 3(3)(c) of Schedule 11;

“the trustees”, in relation to an approved scheme or a participant’s shares, means the body of persons for the establishment of which the scheme shall provide as mentioned in paragraph 3(3) of Schedule 11.

(4) The Revenue Commissioners may nominate any of their officers to perform any acts and discharge any functions authorised by this Chapter or by Schedule 11 to be performed or discharged by them.

“specified securities” means securities (within the meaning of Schedule 12), other than ordinary shares, which—

“approved scheme” shall be construed in accordance with section 510(1);

“initial market value”, in relation to any shares, shall be construed in accordance with section 510(2);

“participant” shall be construed in accordance with section 510(1)(a);

“the appropriate percentage”, in relation to any shares, shall be construed in accordance with section 511(3);

“the period of retention” has the meaning assigned to it by section 511(1)(a);

“the release date” has the meaning assigned to it by section 511(2);

“locked-in value”, in relation to any shares, shall be construed in accordance with section 512(1);

(b) any charge to income tax by virtue of section 513 shall be disregarded in determining whether a distribution is a capital distribution within the meaning of section 583, and

(a) were transferred to the trustees of an approved scheme by the trustees of an employee share ownership trust to which section 519 applies, and

“market value”, in relation to any shares, shall be construed in accordance with section 548;

(b) any charge to income tax by virtue of section 513 shall be disregarded in determining whether a distribution is a capital distribution within the meaning of section 583, and

(iii) securities issued to those trustees as a result of a reorganisation or reduction of share capital (in accordance with section 584) which occurred subsequent to the exchange referred to in subparagraph (i) and which securities represent the securities issued in that exchange and the similar securities (if any) referred to in subparagraph (ii), or

(i) securities issued to the trustees of the employee share ownership trust referred to in paragraph (a) in an exchange to which section 586 applies,