Section 136 | Prohibition on subsidiary being a member of its holding company

(1)Except as provided by this Chapter—

(a)a body corporate cannot be a member of a company that is its holding company, and

(b)any allotment or transfer of shares in a company to its subsidiary is void.

(2)The exceptions are provided for in—

section 138 (subsidiary acting as personal representative or trustee), and

section 141 (subsidiary acting as authorised dealer in securities).