Companies Law

A company shall be deemed a subsidiary of a holding company in any of the following cases: a) If the holding company is a partner or shareholder in the subsidiary company and owns interests or shares in its capital that grants it the majority of voting rights therein. b) If the holding company is a partner or shareholder solely controlling the appointment of the manager or the majority of board members, or if it has the power to remove the manager or the majority of board members. c) If the holding company is a partner or shareholder solely controlling the majority of voting rights pursuant to an agreement with the other partners or shareholders. d) If the subsidiary company is affiliated with a subsidiary of the holding company.