Parent corporations and corporate groups
102J Parent corporations and corporate groups
If a corporation (A) has—
a direct or indirect interest in another corporation (B) that is a proportionate interest of 90% or more; or
a direct and indirect interest in another corporation (B) that, in combination, constitutes a proportionate interest of 90% or more, then, subject to subsection (2)—
A is the parent corporation of B; and
B is a subsidiary of A.
If, under subsection (1), corporation A is not entitled (whether directly or indirectly) to cast, or control the casting of, 90% or more of the maximum number of votes at a general meeting of corporation B, B is not a subsidiary of A.
A
corporate group is comprised of—
a parent corporation; and
the subsidiaries of the parent corporation.
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