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participation

19(for the purposes of ELM , UPRU 41 and GENPRU and for the purposes of BIPRU andINSPRU as they apply on a consolidated basis43):

  1. (a) a participating interest 64may be defined according to:64
    1. (i) section 260 of the Companies Act 1985 where applicable; or 64
    2. (ii) paragraph 11(1) of Schedule 10 to the Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008 (SI 2008/410) where applicable; or64
    3. (iii) paragraph 8 of Schedule 7 to the Small Companies and Groups (Accounts and Directors' Report) Regulations 2008 (SI 2008/409);64 or
  2. (b) the direct or indirect ownership of 20% or more of the voting rights or capital of an undertaking;

but excluding the interest of a parent undertaking in its subsidiary undertaking.