136Prohibition on subsidiary being a member of its holding companyU.K.
This section has no associated Explanatory Notes
(1)Except as provided by this Chapter—
(a)a body corporate cannot be a member of a company that is its holding company, and
(b)any allotment or transfer of shares in a company to its subsidiary is void.
(2)The exceptions are provided for in—
section 138 (subsidiary acting as personal representative or trustee), and
section 141 (subsidiary acting as authorised dealer in securities).
Modifications etc. (not altering text)
C1S. 136 excluded by Commonhold and Leasehold Reform Act 2002 (c. 15), Sch. 3 para. 15(2) (as substituted (1.10.2009) by The Companies Act 2006 (Consequential Amendments, Transitional Provisions and Savings) Order 2009 (S.I. 2009/1941), art. 2(1), Sch. 1 para. 195(11) (with art. 10)