133. Prohibition on subsidiary being a member of its holding company

(1) Except as provided by this Chapter—
(a) a body corporate cannot be a member of a company that is its holding company, and
(b) any allotment or transfer of shares in a company to its subsidiary is void.
(2) The exceptions are provided for in—
(a) section 134(subsidiary acting as personal representative or trustee), and
(b) section 137 (subsidiary acting as authorised dealer in securities).