S.L. 123.55 Art. 36Share option scheme benefit.

(1) When a company grants an option to its employees or to the employees of an associated company to acquire shares, that option shall not be deemed to constitute a benefit but the exercise by an employee of such an option shall be deemed to be a benefit provided by the employer company to that employee.

(2) When shares in a company are transferred to an employee of that company or of an associated company under a share award scheme, the transfer shall be deemed to be a benefit provided by the employer company to that employee by reason of his employment. A benefit referred to in sub-rule (1) or (2) shall be deemed to be provided on each date that shares are issued or transferred to the beneficiary in terms of the share option scheme or share award scheme in question.

(3) A benefit referred to in sub-rule (1) or (2) shall be deemed to be provided on each date that shares are issued or transferred to the beneficiary in terms of the share option scheme or share award scheme in question.