Document ID: chunk:federal_register_of_legislation:C2010C00604:clause:16_2
Version: federal_register_of_legislation:C2010C00604
Segment Type: clause
Provision Reference: sch 16 cl 2
Character Range: 258976–259842

2  Section 703‑45
Repeal the section, substitute:

703‑45  Subsidiary members or nominees interposed between the head company and a subsidiary member of a consolidated group or a consolidatable group

 (1) This section describes, for the purposes of item 2, column 4 of the table in subsection 703‑15(2), a set of requirements that must be met for an entity (the test entity) to be a *subsidiary member of a *consolidated group or a *consolidatable group at a particular time (the test time).

 (2) At the test time, each of the interposed entities must either:
 (a) be a *subsidiary member of the group; or
 (b) hold *membership interests in:
 (i) the test entity; or
 (ii) a subsidiary member of the group interposed between the *head company of the group and the test entity;
  only as a nominee of one or more entities each of which is a *member of the group.