| (1) | For the purposes of this Chapter, the value of property, other than money, in relation to any person holding the property, shall be— |
| (a) | where any other person holds an interest in the property— |
| (i) | the market value of the property; less |
| (ii) | the amount required to discharge any encumbrance on the property; and |
| (b) | where no other person holds an interest in the property, the market value of the property. |
| (2) | Notwithstanding the provisions of subsection (1), any reference in this Chapter to the value at a particular time of a payment or reward, shall be construed as a reference to— |
| (a) | the value of the payment or reward at the time when the recipient received it, as adjusted to take into account subsequent fluctuations in the value of money; |
| (b) | where subsection (3) applies, the value mentioned in that subsection, whichever is the greater value. |
| (3) | If at the particular time referred to in subsection (2) the recipient holds— |
| (a) | the property, other than cash, which he or she received, the value concerned shall be the value of the property at the particular time; or |
| (b) | property which directly or indirectly represents in his or her hands the property which he or she received, the value concerned shall be the value of the property, in so far as it represents the property which he or she received, at the relevant time. |
[Section 15(3) amended by section 15 of Act No. 24 of 1999]
