Section 185: The control and independence requirement
619.This section is based on section 293(8) and (8A) of ICTA. It broadly requires that throughout period B:
any company that the issuing company (on its own or together with connected persons) controls is a qualifying subsidiary of the issuing company
the issuing company is not a 51% subsidiary of or controlled by another company (on its own or together with connected persons); and
there are no arrangements which could lead the issuing company to fail either of these tests.
620.Section 293(3) of ICTA has not been rewritten. The definition of “a qualifying subsidiary of another company” is contained in section 191.
621.In subsection (1)(a) the words “of the issuing company” have been added after “a qualifying subsidiary”. See Change 44 in Annex 1.
622.“Control” in subsection (2)(a) is defined in section 995. The meaning of “control” in subsection (1)(a) is different and is given by section 257(3).