New Clause 418
Company Law Reform Bill [Lords]
Meaning of “subsidiary” etc: power to amend
‘(1) The Secretary of State may by regulations amend the provisions of section (Meaning of “subsidiary” etc) (meaning of “subsidiary” etc) and Schedule (Meaning of “subsidiary” etc: supplementary provisions) (meaning of “subsidiary” etc: supplementary provisions) so as to alter the meaning of the expressions “subsidiary”, “holding company” or “wholly-owned subsidiary”.
(2) Regulations under this section are subject to negative resolution procedure.
(3) Any amendment made by regulations under this section does not apply for the purposes of enactments outside the Companies Acts unless the regulations so provide.
(4) So much of section 23(3) of the Interpretation Act 1978 (c. 30) as applies section 17(2)(a) of that Act (effect of repeal and re-enactment) to deeds, instruments and documents other than enactments does not apply in relation to any repeal and re-enactment effected by regulations under this section.’.—[Margaret Hodge.]