s 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.