1021. “Employees’ Share Scheme”
For the purposes of these Regulations an employees’ share scheme is a scheme for encouraging or facilitating the holding of shares in or debentures of a company by or for the benefit of–
(a) the bona fide employees or former employees of–
(i) the company,
(ii) any subsidiary of the company, or
(iii) the company’s holding company or any subsidiary of the company’s holding company, or
(b) the spouses, surviving spouses, or minor children or step-children of such employees or former employees.