19Choice of relevant day

19 Choice of relevant day

(1)  The employer can elect to treat as the "relevant day" either the date on which the share or option is granted to the employee or the vesting date.

(2)  [Section 19 Subsection (2) substituted by No. 47 of 2011, s. 19, Applied:01 Jul 2012] A share or option is "granted" to a person if –

(a) another person transfers the share or option to that person (other than, in the case of a share, by issuing the share to that person); or

(b) in the case of a share – another person allots the share to that person; or

(c) in the case of an option – another person confers the option on, or otherwise creates the option in, that person; or

(d) the person otherwise acquires a legal interest in the share or option from another person; or

(e) the person acquires a beneficial interest in the share or option from another person.

(2A)  [Section 19 Subsection (2A) inserted by No. 47 of 2011, s. 19, Applied:01 Jul 2012] To avoid doubt, if an employee acquires a right to be granted a share or an option, or some other material benefit, at the election of the employer, the share or option is not granted until the employer elects to grant the share or option.

(3)  [Section 19 Subsection (3) substituted by No. 47 of 2011, s. 19, Applied:01 Jul 2012] The "vesting date" in respect of a share is one of the following dates (whichever happens first):

(a) the date on which the share vests in the employee (that is, when any conditons applying to the grant of the share have been met and the employee's legal or beneficial interest in the share cannot be rescinded);

(b) the date at the end of the period of 7 years from the date on which the share is granted to the employee.

(4)  [Section 19 Subsection (4) substituted by No. 47 of 2011, s. 19, Applied:01 Jul 2012] The "" in respect of an option is one of the following dates (whichever happens first):