Article 27
Definition of group
1. A group shall be deemed to exist where two or more entities are connected, de facto or de jure, by some form of control.
2. A group of companies shall be understood as lacking legal personality.
Article 28
Control
Control shall obtain where a natural or legal person directly or indirectly, de facto or de jure, or by virtue of an agreement with other natural or legal persons:
- holds the majority of the voting rights needed to adopt any resolutions at the general meeting of a company; or
- has the power to appoint or dismiss the majority of the members of the executive or non-executive board of the said company.
Article 29
Parent and subsidiary entities
Under the present law, a legal person is a parent entity where it exercises control over one or more companies, and any company controlled by the parent entity is its subsidiary.
