I move amendment No. 14:—
In Part I, before paragraph 1, to insert the following new paragraph:—
1. (1) A company shall, for the purposes of Part I of this Schedule (including subparagraph (2) of this paragraph), be at a particular time a qualified holding (A) company if it then complies with both the following conditions—
(a) its issued shares are then, to an extent exceeding one-half (in nominal value) thereof, in the beneficial ownership of persons who are then qualified (1934 Act) persons, and
(b) at least two-thirds (in nominal value) of every class of its issued shares carrying voting rights (whether immediate or to arise in certain future circumstances) are then in the beneficial ownership of persons who are then qualified (1934 Act) persons.
(2) A company shall, for the purposes of Part I of this Schedule, be at a particular time a qualified holding (B) company if—
(a) its issued shares are then, to an extent exceeding one-half (in nominal value) thereof, in the beneficial ownership of a company which is then a qualified holding (A) company, and
(b) at least two-thirds (in nominal value) of every class of its issued shares carrying voting rights (whether immediate or to arise in certain future circumstances) are then in the beneficial ownership of a company which is then a qualified holding (A) company.