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

Subsidiary acting as personal representative or trustee

138  Subsidiary acting as personal representative or trustee

(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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