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Formation of subsidiaries.
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14.—(1) A company may, either by itself or with other persons, with the consent of the Minister and the Minister for Finance, and subject to any conditions of either of those Ministers, promote, take part in the formation of or acquire a shareholding in any company (wherever incorporated) including a subsidiary.
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(2) A company may exercise total or partial control of the board of directors, by whatever name called, of a subsidiary of it, that controls and manages the subsidiary.
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(3) The memorandum and articles of association of a subsidiary of a company shall be in such form consistent with this Act and the Act of 1998 as may be approved of by the company.
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(4) Notwithstanding subsection (3) or section 23 of the Act of 1998 (as amended by paragraph 10 of the Schedule) a subsidiary of a company may, for not more than the period of 12 months from it becoming a subsidiary of the company or such further period as the Minister may approve, carry on any activity which would otherwise be inconsistent with those provisions. The subsidiary shall, after that period, divest itself of and cease such activity.
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(5) A subsidiary of a company shall make such reports to the company as it may require.
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(6) A subsidiary of a company may enter into joint ventures with other persons.
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