Commonwealth Consolidated Acts Commonwealth Consolidated ActsThe object of this Subdivision is for each * consolidated group to operate what is in substance a single * franking account, by ensuring that:
(a) there is a nil balance in the franking accounts of entities becoming * subsidiary members of the group; and
(b) the franking accounts of those subsidiary members do not operate while they are subsidiary members; and
(c) debits or credits that would otherwise arise in the franking accounts of the subsidiary members arise instead in the franking account of the * head company of the group; and
(d) the head company is the only * member of the group that can frank distributions.