s 212E Principal companies
(1) A company (“U”) is a principal company of C if— (a) C is a qualifying 75% subsidiary of U, and (b) U is not a qualifying 75% subsidiary of another company. (2) A company (“V”) is a principal company of C if— (a) C is a qualifying 75% subsidiary of U, (b) U is a qualifying 75% subsidiary of V, and (c) V is not a qualifying 75% subsidiary of another company. (3) If V is a qualifying 75% subsidiary of another company (“W”), W is a principal company of C unless W is a qualifying 75% subsidiary of another company, and so on. (4) A company (“X”) is a principal company of C if— (a) C is owned by a consortium of which X is a member, or (b) C is a qualifying 75% subsidiary of a company owned by a consortium of which X is a member, and X is not a qualifying 75% subsidiary of another company. (5) A company (“Y”) is a principal company of C if— (a) C is owned by a consortium of which X is a member, or (b) C is a qualifying 75% subsidiary of a company owned by a consortium of which X is a member, and X is a qualifying 75% subsidiary of Y but Y is not a qualifying 75% subsidiary of another company. (6) If Y is a qualifying 75% subsidiary of another company (“Z”), Z is a principal company of C unless Z is a qualifying 75% subsidiary of another company, and so on. (7) A company that is a principal company of C by virtue of any of subsections (4) to (6) is a consortium principal company of C.