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subsidiary undertaking

  1. (1) (except for the purposes of determining whether a person has close links with another person) an undertaking of which another undertaking is its parent undertaking.
  2. (2) (for the purposes of determining whether a person has close links with another person) (in accordance with section 343(8) of the Act (Information given by auditor or actuary to 232a regulator232) and paragraph 3(3) of Schedule 6 to the Act (Threshold conditions)):
    1. (a) an undertaking in (1);
    2. (b) an undertaking ("S") if:
      1. (i) another undertaking (its parent) is a member of S;
      2. (ii) a majority of S's board of directors who have held office during the financial year and during the preceding financial year have been appointed solely as a result of the exercise of the parent's voting rights; and
      3. (iii) no one else is the parent undertaking of S under any of (a) (i) to (iii) or b(i) or (ii) in the definition of parent undertaking.5
  3. (3) (in UKLR224 and BSOCS90) as defined in section 566081341162 of the Companies Act 2006.81