60 Meaning of “subsidiary”.E+W
(1)In this Part “subsidiary”, in relation to a registered social landlord, means a company with respect to which one of the following conditions is fulfilled—
(a)the landlord is a member of the company and controls the composition of the board of directors;
(b)the landlord holds more than half in nominal value of the company’s equity share capital; or
(c)the company is a subsidiary, within the meaning of [F1the Companies Acts (see section 1159 of the Companies Act 2006)] or [F2Part 7 of the Co-operative and Community Benefit Societies Act 2014], of another company which, by virtue of paragraph (a) or paragraph (b), is itself a subsidiary of the landlord.
(2)For the purposes of subsection (1)(a), the composition of a company’s board of directors shall be deemed to be controlled by a registered social landlord if, but only if, the landlord, by the exercise of some power exercisable by him without the consent or concurrence of any other person, can appoint or remove the holders of all or a majority of the directorships.
(3)In relation to a company which is [F3a registered society]—
(a)any reference in this section to the board of directors is a reference to the committee of management of the society; and
(b)the reference in subsection (2) to the holders of all or a majority of the directorships is a reference—
(i)to all or a majority of the members of the committee, or
(ii)if the landlord is himself a member of the committee, such number as together with him would constitute a majority.
(4)In the case of a registered social landlord which is a body of trustees, references in this section to the landlord are to the trustees acting as such.
Textual Amendments
F1Words in s. 60(1)(c) substituted (1.10.2009) by The Companies Act 2006 (Consequential Amendments, Transitional Provisions and Savings) Order 2009 (S.I. 2009/1941), art. 1(2), Sch. 1 para. 161(7) (with art. 10)
F2Words in s. 60(1)(c) substituted (1.8.2014) by Co-operative and Community Benefit Societies Act 2014 (c. 14), s. 154, Sch. 4 para. 62 (with Sch. 5)
F3Words in Act substituted (1.8.2014) by Co-operative and Community Benefit Societies Act 2014 (c. 14), s. 154, Sch. 4 para. 56 (with Sch. 5)