s.4Definition of “group of companies”
4
Section 4Part 0 —

Definition of “group of companies”

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For the purposes of this Act, a group of companies comprises every company which, directly or indirectly, is a subsidiary of the same holding company, and such a group includes the holding company.
A company shall be treated as a subsidiary (“the subsidiary”) of another company (“the parent”) where —
the parent is a member of the subsidiary and controls the composition of the subsidiary’s board of directors;
the parent, directly or indirectly, controls more than half of the votes which may be cast at general meetings of the subsidiary; or
the subsidiary is a subsidiary of any other company which is itself a subsidiary of the parent.
In paragraph (a) of subsection (2) the composition of a company’s board of directors shall be treated as controlled by another company if that other company, by the exercise of some power without the consent or concurrence of any other person, can appoint or remove all or a majority of the directors.
Notwithstanding paragraph (a) of section 3(4), the Authority may, from time to time, require a company which provides the services specified under that subsection to provide any or both of the certificates specified under paragraphs (b) and (c) of section 13(2).

Defined Terms

group of companies

Cross References