Document ID: chunk:federal_register_of_legislation:C2025C00014:section:121ap
Version: federal_register_of_legislation:C2025C00014
Segment Type: section
Provision Reference: s 121AP
Character Range: 1044242–1045218

121AP  Subsidiary and wholly‑owned subsidiary

Subsidiary
 (1) A company (the test company) is a subsidiary of another company (the holding company) if at least half of the shares in the test company are beneficially owned by:
 (a) the holding company; or
 (b) a company that is, or 2 or more companies each of which is, a subsidiary of the holding company; or
 (c) the holding company and a company that is, or 2 or more companies each of which is, a subsidiary of the holding company.
 (2) If a company is a subsidiary of another company (including because of this subsection), every company that is a subsidiary of the first‑mentioned company is a subsidiary of the other company.

Wholly‑owned subsidiary
 (3) A company is a wholly‑owned subsidiary of another company if it would, under subsection (1) or (2), be a subsidiary of the other company assuming that the reference in subsection (1) to at least half of the shares were instead a reference to all of the shares.