(1) This section applies for the purposes of determining whether a body corporate (in this section called the first body ) is a subsidiary of another body corporate. (2) Any shares held, or power exercisable, by the other body in a fiduciary capacity are treated as not held or exercisable by it. (3) Subject to subsections (4) and (5), any shares held, or power exercisable:
(4) Any shares held, or power exercisable, by a person by virtue of the provisions of debentures of the first body, or of a trust deed for securing an issue of such debentures, are to be disregarded. (5) Any shares held, or power exercisable, otherwise than as mentioned in subsection (4), by, or by a nominee for, the other body or a subsidiary of it are to be treated as not held or exercisable by the other body if: