138 Subsidiary acting as personal representative or trustee
138 Subsidiary acting as personal representative or trustee
Companies Act 2006 | Legislation

(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 entered into by the holding company or subsidiary in the ordinary course of a business that includes the lending of money;

(b)     any interest within—

section 139 (interests to be disregarded: residual interest under pension scheme or employees' share scheme), or

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