If at any time an option described in paragraph (1)(b) expires, the corporation that granted the option is deemed to have disposed of capital property at that time for proceeds equal to the proceeds received by it for the granting of the option, and the adjusted cost base to the corporation of that capital property immediately before that time is deemed to be nil, unless
Where at any time an option described in paragraph 49(1)(b) (other than an option to acquire shares of the capital stock of a corporation in consideration for the incurring, pursuant to an agreement described in paragraph (e) of the definition Canadian exploration and development expenses in subsection 66(15), paragraph (i) of the definition Canadian exploration expense in subsection 66.1(6), paragraph (g) of the definition Canadian development expense in subsection 66.2(5) or paragraph (c) of the definition Canadian oil and gas property expense in subsection 66.4(5), of any expense described in whichever of those paragraphs is applicable) that has been granted by a corporation after 1971 expires,