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of <h1>Subsidiaries can't hold shares in their holding company unless acting as legal representatives or trustees. No voting rights.</h1> A body corporate cannot be a member of its holding company, and any share allotment or transfer to a subsidiary is void, except when the subsidiary acts as a legal representative of a deceased member or as a trustee without beneficial interest. A subsidiary can remain a member if it was already one before the Act's commencement or before becoming a subsidiary, but it cannot vote at meetings. These rules also apply to nominees for subsidiaries. For holding companies limited by guarantee or unlimited, references to shares include the members' interests, regardless of share capital presence.
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