1015. Meaning 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) For the purposes of subsection (2) an undertaking shall be treated as a member of another undertaking–
(a) if any of its subsidiary undertakings is a member of that undertaking, or
(b) if any shares in that other undertaking are held by a person acting on behalf of the undertaking or any of its subsidiary undertakings.
(3) 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.
(4) Schedule 6 contains provisions explaining expressions used in this section and otherwise supplementing this section.
(5) In this section and that Schedule “company” includes any body corporate.