8CMeanings of subsidiary and holding entity

#### 8C Meanings of subsidiary and holding entity Meaning of subsidiary (1) A corporate entity (the lower entity) is a subsidiary of another corporate entity (the higher entity) if: (a) the higher entity: (i) is in a position to control more than half the voting power in the lower entity; or (ii) holds more than half the issued securities in the lower entity (disregarding any securities that carry no right to participate beyond a specified amount in a distribution of either profits or capital); or (b) the lower entity is a subsidiary of a corporate entity that is the higher entity’s subsidiary (including because of one or more applications of this subsection). Meaning of holding entity (2) A corporate entity (the higher entity) is a holding entity of another corporate entity (the lower entity) if the lower entity is a subsidiary of the higher entity.