Section 1162(2)

An undertaking is a parent undertaking in relation to another undertaking, a subsidiary undertaking, if— it holds a majority of the voting rights in the undertaking, or it is a member of the undertaking and has the right to appoint or remove a majority of its board of directors, or it has the right to exercise a dominant influence over the undertaking— by virtue of provisions contained in the undertaking's articles, or by virtue of a control contract, or it is a member of the undertaking and controls alone, pursuant to an agreement with other shareholders or members, a majority of the voting rights in the undertaking.

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