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12.—(1) The following provisions have effect with respect to the operation of Article 33 of the Companies Order (prohibition on subsidiary being a member of its holding company).
(2) In relation to times, circumstances and purposes before the coming into operation of Article 62(1), the references in Article 33 to a subsidiary or holding company shall be construed in accordance with Article 4 of the Companies Order as originally enacted.
(3) Where a body corporate becomes or ceases to be a subsidiary of a holding company by reason of Article 62(1) coming into operation, the prohibition in Article 33 of the Companies Order shall apply (in the absence of exempting circumstances), or cease to apply, accordingly.
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