Modifications etc. (not altering text)
C1Sch. 29 applied (with modifications) (15.8.2002) by S.I. 2002/1967, regs. 3-6
C2Sch. 29 modified (5.10.2004) by Energy Act 2004 (c. 20), s. 198(2), Sch. 9 para. 28 (with s. 38(2)); S.I. 2004/2575, art. 2(1), Sch. 1
Modifications etc. (not altering text)
C3Sch. 29 Pt. 8 modified (5.10.2004) by Energy Act 2004 (c. 20), s. 198(2), Sch. 9 para. 35(b) (with s. 38(2)); S.I. 2004/2575, art. 2(1), Sch. 1
49(1)A company cannot be the principal company of a group if it is itself a 75% subsidiary of another company.
(2)Notwithstanding sub-paragraph (1), where—
(a)a company (“the subsidiary”) is a 75% subsidiary of another company, and
(b)those companies are prevented from being members of the same group by paragraph 48 (the effective 51% subsidiary requirement),
the subsidiary may, if the requirements of paragraphs 47 and 48 are met, itself be the principal company of another group, unless this enables a further company to be the principal company of a group of which the subsidiary would be a member.