51(1)Section 408 (transfers of property, rights and liabilities) is amended as follows.E+W
F1(2). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(3)After subsection (8) insert—
“(9)In subsection (3)(gc) “wholly-owned subsidiary” has the meaning given to it by section 1159 of the Companies Act 2006.
(10)For the purposes of subsection (3)(gd) and paragraph (b) of this subsection, a body corporate (“C”) is a “subsidiary” of another person (“P”) if—
(a)P, or P's nominee, is a member of C, or
(b)C is a subsidiary of a body corporate that is itself a subsidiary of P,
and, accordingly, the definition of “subsidiary” given by section 424(1) does not apply for those purposes.
(11)In this section “urban development corporation” means a corporation established by an order under section 135 of the Local Government, Planning and Land Act 1980.”
Textual Amendments
F1Sch. 22 para. 51(2) omitted (2.12.2014) by virtue of The Olympic Delivery Authority (Dissolution) Order 2014 (S.I. 2014/3184), art. 1(2), Sch. para. 16(b)