s 420 Parent and subsidiary undertaking.
(1) In this Act, except in relation to an incorporated friendly society, “ parent undertaking ” and “ subsidiary undertaking ” have the same meaning as in the Companies Acts (see section 1162 of, and Schedule 7 to, the Companies Act 2006) . (2) But— (a) “ parent undertaking ” also includes an individual who would be a parent undertaking for the purposes of those provisions if he were taken to be an undertaking (and “ subsidiary undertaking ” is to be read accordingly); (b) “ subsidiary undertaking ” also includes, in relation to a body incorporated in or formed under the law of an EEA State ..., an undertaking which is a subsidiary undertaking within the meaning of any rule of law in force in that State for purposes connected with implementation of the Directive 2013/34/EU of the European Parliament and of the Council of 26 June 2013 on the annual financial statements, consolidated financial statements and related reports of certain types of undertakings, amending Directive 2006/43/EC of the European Parliament and of the Council and repealing Council Directives 78/660/ EEC and 83/349/ EEC (and “ parent undertaking ” is to be read accordingly). (3) In this Act “ subsidiary undertaking ”, in relation to an incorporated friendly society, means a body corporate of which the society has control within the meaning of section 13(9)(a) or (aa) of the Friendly Societies Act 1992 (and “ parent undertaking ” is to be read accordingly).