# Localism Act 2011, Paragraph 51

Extent: E+W

(1) Section 408 (transfers of property, rights and liabilities) is amended as follows.
(2) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(3) 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.”

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Source: https://www.legislation.gov.uk/ukpga/2011/20/schedule/22/paragraph/51 (the official version)
Page: https://openlegislation.uk/localism-act-2011/schedule-22/paragraph-51
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.