§ 5B — Definition of wholly owned subsidiary

5B. For the purposes of this Act, a corporation is a wholly owned subsidiary of another corporation if none of the members of the firstmentioned corporation is a person other than —(a)

that other corporation;

(b)

a nominee of that other corporation;

(c)

a subsidiary of that other corporation being a subsidiary none of the members of which is a person other than that other corporation or a nominee of that other corporation; or

(d)

a nominee of such subsidiary.