Section 421

In this Act “group”, in relation to a person (“A”), means A and any person who is— a parent undertaking of A; a subsidiary undertaking of A; a subsidiary undertaking of a parent undertaking of A; a parent undertaking of a subsidiary undertaking of A; an undertaking in which A or an undertaking mentioned in paragraph (a), (b), (c) or (d) has a participating interest; if A or an undertaking mentioned in paragraph (a) or (d) is a building society, an associated undertaking of the society; or if A or an undertaking mentioned in paragraph (a) or (d) is an incorporated friendly society, a body corporate of which the society has joint control (within the meaning of section 13(9)(c) or (cc) of the Friendly Societies Act 1992). “Participating interest” has the meaning given in section 421A; but also includes an interest held by an individual which would be a participating interest for the purposes of those provisions if he were taken to be an undertaking. “Associated undertaking” has the meaning given in section 119(1) of the Building Societies Act 1986.

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Source: legislation.gov.uk · retrieved 2026-09-04