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The rules in ITEPA 2003, ss 451–460 (Pt 7, Ch 4A) apply where¹:

1. Ìý

   (a)ÌýÌýÌýÌý an agreement is made for one or more transfers of intellectual property (an 'intellectual property agreement') from one or more research institutions to a company (a 'spin-out company')

2. Ìý

   (b)ÌýÌýÌýÌý a person acquires shares (or an interest in shares) in the spin-out company before the intellectual property agreement is made or within the period of 183 days beginning with the date on which it is made

3. Ìý

   (c)ÌýÌýÌýÌý the right or opportunity to acquire the shares (or interest in shares) was available by reason of employment by the research institution (or any of them) or by the spin-out company, and

4. Ìý

   (d)ÌýÌýÌýÌý the person is involved in research in relation to any of the intellectual property that is the subject of the intellectual property agreement

The conditions in effect acknowledge that two or more research institutions may bring together intellectual property into a single spin-out company.

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