(1) Subsection (2) applies in relation to any arrangements or transaction -
(a) not having immediate effect or having immediate effect only in part; but
(b) under or in consequence of which any two enterprises cease to be distinct enterprises.
(2) The time when the parties to any such arrangements or transaction become bound to such extent as will result, on effect being given to their obligations, in the enterprises ceasing to be distinct enterprises shall be taken to be the time at which the two enterprises cease to be distinct enterprises.
(3) In accordance with subsections (1) and (2) (but without prejudice to the generality of those subsections) for the purpose of determining the time at which any two enterprises cease to be distinct enterprises no account shall be taken of any option or other conditional right until the option is exercised or the condition is satisfied.
(4) Subsections (1) to (3) are subject to subsections (5) to (8) and section 29.
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