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of <h1>Subsidiary shareholding limits in holding companies under Section 19: void allotments, key exceptions and voting rights</h1> A subsidiary is generally prohibited from holding shares in its holding company, whether directly or through nominees, and a holding company cannot allot or transfer its shares to any subsidiary; any such allotment or transfer is void. Exceptions arise where the subsidiary holds shares as legal representative of a deceased member, as a trustee, or where it already held shares before becoming a subsidiary. In such cases, the subsidiary may vote only on shares held as legal representative or trustee. For holding companies limited by guarantee or unlimited without share capital, references to shares are construed as references to members' interests in whatever form.
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