SCHEDULES
SCHEDULE 22Mayoral development corporations: consequential and other amendments
Greater London Authority Act 1999 (c. 29)
51
1
Section 408 (transfers of property, rights and liabilities) is amended as follows.
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3
After subsection (8) insert—
9
In subsection (3)(gc) “wholly-owned subsidiary” has the meaning given to it by section 1159 of the Companies Act 2006.
10
For the purposes of subsection (3)(gd) and paragraph (b) of this subsection, a body corporate (“C”) is a “subsidiary” of another person (“P”) if—
a
P, or P's nominee, is a member of C, or
b
C is a subsidiary of a body corporate that is itself a subsidiary of P,
and, accordingly, the definition of “subsidiary” given by section 424(1) does not apply for those purposes.
11
In this section “urban development corporation” means a corporation established by an order under section 135 of the Local Government, Planning and Land Act 1980.