Section 3Part 1 — Securities Investment Business Act
Group of companies
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For the purposes of this Law, 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 holding company”) where —
the holding company is a member of the subsidiary and controls the composition of the subsidiary ’ s board of directors;
the holding company, 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 holding company.
In subsection (2)(a), 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. Part II - Securities Investment Business