An exclusivity period of approximately nine and a half months in a scheme implementation deed is close to the limit of what ought to be accepted, though it may be justified by the need for regulatory approvals and the controlling shareholder's position. The standard form resolution authorising directors to agree to alterations under s 411(6) is unnecessary surplusage. Scheme terms should ideally make share transfer dependent on payment to participants (not merely into trust) before transfer takes effect.
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