Section 1162

  1. (1)

        This section (together with Schedule 7) defines ‘parent undertaking’ and ‘subsidiary undertaking’ for the purposes of the Companies Acts.

  2. (2)

        An undertaking is a parent undertaking in relation to another undertaking, a subsidiary undertaking, if:

    1. (a)

          it holds a majority of the voting rights in the undertaking, or

    2. (b)

          it is a member of the undertaking and has the right to appoint or remove a majority of its board of directors, or

    3. (c)

          it has the right to exercise a dominant influence over the undertaking:

      1. (i)

            by virtue of provisions contained in the undertaking’s articles, or

      2. (ii)

            by virtue of a control contract, or

    4. (d)

          it is a member of the undertaking and controls alone, pursuant to an agreement with other shareholders or members, a majority of the voting rights in the

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