(1) The prohibition in section 136 (prohibition on subsidiary being a member of its holding company) does not apply where the subsidiary is concerned only—
(a) as personal representative, or
(b) as trustee,
unless, in the latter case, the holding company or a subsidiary of it is beneficially interested under the trust.
(2) For the purpose of ascertaining whether the holding company or a subsidiary is so interested, there shall be disregarded—
(a) any interest held only by way of security for the purposes of a transaction
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