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11.13

In the event that the company responsible for carrying on the active business is not the new applicant itself, such business must be carried on by a subsidiary or subsidiaries of the new applicant, provided that in relation to any such subsidiary (an "active subsidiary"):—

(1) the new applicant must control the composition of the board of directors of that active subsidiary and of any intermediate holding company; and
(2) the new applicant must have an effective economic interest of no less than 50 per cent in that active subsidiary.