Clause 13

by deleting sub-paragraphs (ii) and (iii) of section 23(4)(c) and substituting the following sub‑paragraph:“(ii)A is a body corporate that is, or a majority of the directors of which are, accustomed or under an obligation whether formal or informal to act in accordance with the directions, instructions or wishes of B;”;

by deleting sub-paragraphs (v) and (vi) of section 23(4)(c) and substituting the following sub‑paragraph:“(v)A is a subsidiary of B;”;

by deleting the word “corporation” in section 23(4)(c)(vii) and substituting the words “body corporate”; (d)by deleting the words “to (vi)” in section 23(4)(c)(vii) and substituting the words “, (iv) and (v)”; (e)by inserting the word “or” at the end of section 23(4)(c)(vii);

by deleting sub-paragraph (viii) of section 23(4)(c); and

by inserting, immediately after subsection (4) of section 23, the following subsection:“(5) In subsection (4)(c), “subsidiary” has the same meaning as in section 5 of the Companies Act (Cap. 50).”.