Dropping on the opposite margin of a hazard

Me and CYM were discussing this not-so-well-known rule of golf. You are allowed to drop on the opposite side of the hazard if it is marked by a red stake. Here are the details:

Perhaps the least-understood option for taking a penalty drop after hitting a ball into a lateral water hazard (red stakes or red line) is the drop on the "opposite margin" as stated in Rule 26-1c (ii).

To clarify, if your ball crosses into a lateral water hazard, you're allowed to find a point on the opposite side of the hazard that's the same distance from the hole as the point where your ball crossed the hazard. From there, you're allowed to take a drop within two club-lengths (no closer to the hole), add a penalty stroke to your score, and play on.

One caveat: If you draw an imaginary straight line from the point where your ball entered the hazard to that point on the opposite side of the hazard--and that line first crosses land that is outside the hazard--then dropping on the opposite side is not an option.