In the Companies Acts “UK-registered company” means a company registered under this Act.
The expression does not include an overseas company that has registered particulars under section 1046.
(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) 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.
(3) Schedule 6 contains provisions explaining expressions used in this section and otherwise supplementing this section.
(4) In this section and that Schedule “company” includes any body corporate.
(1) The Secretary of State may by regulations amend the provisions of section 1159 (meaning of “subsidiary” etc) and Schedule 6 (meaning of “subsidiary” etc: supplementary provisions) so as to alter the meaning of the expressions “subsidiary”, “holding company” or “wholly-owned subsidiary”.
(2) Regulations under this section are subject to negative resolution procedure.
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