42(1)To qualify as a replacement option the new option must be granted within the required period (see sub-paragraphs (2) to (4)).
(2)If the company reorganisation falls within paragraph 39(2)(a), the required period is the period of 6 months after the date on which—
(a)the person making the offer has obtained control of the company, and
(b)any condition subject to which the offer is made is met.
(3)If the company reorganisation falls within paragraph 39(2)(b) or (d), the required period is the period of 6 months after the date on which the acquiring company obtains control of the company whose shares are subject to the old option.
(4)If the company reorganisation falls within paragraph 39(2)(c), the required period is the period during which the acquiring company remains bound or entitled as mentioned in that provision.