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DUTIES ACT 2001 - SECT 402 What is a subsidiary

DUTIES ACT 2001 - SECT 402

What is a subsidiary

402 What is a subsidiary

A company (the
"first company" ) is a
"subsidiary" of another company if at least 90% of the issued shares in the first company are owned, other than as trustee, and voting control of the first company is held, by 1 or more of the following companies—

(a) the other company;
(b) 1 or more other subsidiaries of the other company;
(c) the other company and 1 or more other subsidiaries of the other company.