Paragraph 51

Section 408 (transfers of property, rights and liabilities) is amended as follows.

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After subsection (8) insert—

“(9)

In subsection (3)(gc) “wholly-owned subsidiary” has the meaning given to it by section 1159 of the Companies Act 2006.

(10)

For the purposes of subsection (3)(gd) and paragraph (b) of this subsection, a body corporate (“C”) is a “subsidiary” of another person (“P”) if—

(a)

P, or P's nominee, is a member of C, or

(b)

C is a subsidiary of a body corporate that is itself a subsidiary of P,

and, accordingly, the definition of “subsidiary” given by section 424(1) does not apply for those purposes.

(11)

In this section “urban development corporation” means a corporation established by an order under section 135 of the Local Government, Planning and Land Act 1980.”