Section 5B — Definition of wholly owned subsidiary

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.