Part 2Regulation of Social Housing
Chapter 8General
Interpretation
271Subsidiary and associate
(1)
A company is a “subsidiary” of a person if any of the following conditions is satisfied.
(2)
Condition 1 is that the person—
(a)
is a member of the company, and
(b)
has power, independent of any other person, to appoint or remove all or a majority of the board of directors.
(3)
Condition 2 is that the person holds more than half in nominal value of the company's equity share capital.
(4)
Condition 3 is that the company is a subsidiary, within the meaning of the Companies Act 2006 (c. 46) or the Friendly and Industrial and Provident Societies Act 1968 (c. 55), of a company which is a subsidiary of the person by virtue of Condition 1 or 2.
(5)
In relation to a company which is an industrial and provident society a reference to the board of directors is a reference to the committee of management.
(6)
“Associate” of a provider means—
(a)
a body of which the provider is a subsidiary, and
(b)
any other subsidiary of that body.