C2Part 38Companies: interpretation
Meaning of “subsidiary” and related expressions
I1C11159Meaning of “subsidiary” etc
1
A company is a “subsidiary” of another company, its “holding company”, if that other company—
a
holds a majority of the voting rights in it, or
b
is a member of it and has the right to appoint or remove a majority of its board of directors, or
c
is a member of it and controls alone, pursuant to an agreement with other members, a majority of the voting rights in it,
or if it is a subsidiary of a company that is itself a subsidiary of that other company.
2
A company is a “wholly-owned subsidiary” of another company if it has no members except that other and that other's wholly-owned subsidiaries or persons acting on behalf of that other or its wholly-owned subsidiaries.
3
Schedule 6 contains provisions explaining expressions used in this section and otherwise supplementing this section.
4
In this section and that Schedule “company” includes any body corporate.
Pts. 1-39 (except for Pt. 7 and ss. 662-669), 45-47 extended (12.5.2011) by The Companies Act 2006 (Consequential Amendments and Transitional Provisions) Order 2011 (S.I. 2011/1265), art. 5(1), Sch. 1 para. 2