Division 207 also applies to a * distribution * franked with an exempting credit made by a * former exempting entity as if it were a * franked distribution if:
(a) the distribution is made to an individual who, at the time the distribution is made, is an employee of:
(i) the former exempting entity; or
(ii) a * subsidiary of the former exempting entity; and
(b) the employee acquired a beneficial interest in the * share on which the distribution is made:
(i) under an * employee share scheme; and
(ii) in circumstances specified as relevant in section 208- 215; and
(c) the employee does not hold that beneficial interest as a trustee.