Part 8 Oil activities

Chapter 2 Basic definitions

271 “Associated companies”
(1) For the purposes of this Part two companies are associated with one another if—
(a) one is a 51% subsidiary of the other,
(b) each is a 51% subsidiary of a third company,
(c) one is owned by a consortium of which the other is a member,
(d) one has control of the other, or
(e) both are under the control of the same person.
(2) For the purposes of this section—
(a) a company is owned by a consortium if at least 75% of the company's ordinary share capital is beneficially owned by other companies each of which beneficially owns at least 5% of that capital, and
(b) the other companies each owning at least 5% of that capital are the members of the consortium.
(3) In this section “control” has the same meaning as in Part 10 (close companies) (see sections 450 and 451).