(1) Where the shares are held on trust for the purposes of a pension scheme or employees' share scheme, there shall be disregarded any residual interest of the company that has not vested in possession.
(2) A “residual interest” means a right of the company to receive any of the trust property in the event of—
(a) all the liabilities arising under the scheme having been satisfied or provided for, or
(b) the company ceasing to participate in the scheme, or
(c) the trust property at any time exceeding what is necessary for satisfying the liabilities arising or expected to arise
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