COMPANIES ACT 2016 - (3) In determining whether one corporation is a subsidiary of another corporation《2016 年公司法》第4(3)条——确定附属公司关系时股份及权力的处理
COMPANIES ACT 2016
(3) In determining whether one corporation is a subsidiary of another corporation—
(a) any shares held or power exercisable by that other corporation in a fiduciary capacity shall be treated as not held or exercisable by it;
(b) subject to paragraphs (c) and (d), any shares held or power exercisable—
(i) by any person as a nominee for that other corporation, except where that other corporation is concerned only in a fiduciary capacity; or
(ii) by, or by a nominee for, a subsidiary of that other corporation, not being a subsidiary which is concerned only in a fiduciary capacity,
shall be treated as held or exercisable by that other corporation;
(c) any shares held or power exercisable by any person by virtue of the provisions of any debentures of the corporation or of a trust deed for securing any issue of such debentures shall be disregarded; and
(d) any shares held or power exercisable by, or by a nominee for, that other corporation or its subsidiary, not being held or exercisable as mentioned in paragraph (c), shall be treated as not held or exercisable by that other corporation if the ordinary business of that other corporation or its subsidiary, as the case may be, includes the lending of money and the shares are held or power is exercisable as aforesaid by way of security only for the purposes of a transaction entered into in the ordinary course of that business.
Determining Subsidiary Status — Treatment of Shares and Powers under Section 4(3)
Section 4(3) of the Companies Act 2016 sets out specific rules for determining whether one corporation is a subsidiary of another corporation.
While sections 4(1) and 4(2) establish the principal tests for determining control, section 4(3) explains which shares and powers are to be counted, attributed, or disregarded when applying those tests.
The provision is particularly important where shares or voting powers are held through fiduciaries, nominees, subsidiaries, debenture arrangements, or security arrangements.
The underlying principle is that subsidiary status should reflect the substantive corporate control exercised by a corporation rather than ownership or powers held merely in a fiduciary, security, or other limited capacity.
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(a) Shares or Powers Held in a Fiduciary Capacity
Where shares are held, or powers are exercisable, by the other corporation in a fiduciary capacity, those shares or powers are treated as not held or exercisable by that corporation.
A fiduciary capacity generally involves holding or exercising rights for the benefit of another person rather than for the corporation's own beneficial interest.
Accordingly, shares or powers held merely as a trustee or in another genuine fiduciary capacity should not ordinarily be used to establish that the corporation controls another corporation.
Key Principle
Fiduciary holding ≠ ownership or control for the subsidiary test.
The purpose is to prevent shares or powers held for the benefit of another person from artificially creating a holding-subsidiary relationship.
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(b) Shares or Powers Held Through Nominees or Subsidiaries
Subject to paragraphs (c) and (d), section 4(3)(b) takes the opposite approach where shares or powers are held indirectly through certain nominees or subsidiaries.
Such shares or powers may be attributed to the other corporation when determining whether a subsidiary relationship exists.
(b)(i) Nominee of the Other Corporation
Shares held or powers exercisable by a person as nominee for the other corporation are treated as being held or exercisable by that other corporation.
However, this does not apply where the other corporation is concerned only in a fiduciary capacity.
For example, if Corporation A beneficially owns shares in Corporation B but those shares are registered in the name of a nominee, the use of the nominee does not ordinarily prevent the shares from being attributed to Corporation A when determining whether Corporation B is its subsidiary.
Key Principle
Nominee holding for Corporation A → generally treated as Corporation A's holding.
This prevents corporate control from being concealed merely by registering shares or exercising powers through nominees.
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(b)(ii) Shares or Powers Held Through a Subsidiary
Shares held or powers exercisable by:
• a subsidiary of the other corporation; or
• a nominee for such subsidiary
are generally treated as being held or exercisable by the other corporation.
The exception is where that subsidiary is concerned only in a fiduciary capacity.
This rule recognises control exercised through a corporate group rather than looking solely at direct ownership.
Example
Assume:
Corporation A → Corporation B → Corporation C
Corporation B is a subsidiary of Corporation A and holds shares or exercises relevant powers in Corporation C.
Subject to the statutory exceptions, Corporation B's shares or powers in Corporation C may be attributed to Corporation A when determining the relationship between Corporation A and Corporation C.
This ensures that interposing another subsidiary or nominee does not necessarily prevent the recognition of effective group control.
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(c) Rights Arising from Debentures or Debenture Trust Deeds
Section 4(3)(c) provides another important exclusion.
Shares held or powers exercisable by a person by virtue of the provisions of:
• any debentures of the corporation; or
• a trust deed securing an issue of such debentures
are to be disregarded when determining whether one corporation is a subsidiary of another.
Such rights may exist primarily to protect debenture holders or secure repayment obligations rather than to confer ordinary corporate control.
Accordingly, powers arising solely from such debenture or trust-deed arrangements should not, by themselves, determine whether a holding-subsidiary relationship exists.
Key Principle
Control rights arising from specified debenture arrangements → disregarded for this subsidiary test.
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(d) Shares or Powers Held Merely as Security in a Money-Lending Business
Section 4(3)(d) deals with shares or powers connected with secured lending transactions.
Where the ordinary business of the other corporation or its subsidiary includes lending money, shares held or powers exercisable by that corporation, its subsidiary, or their nominee are treated as not held or exercisable by the other corporation where:
1. the shares or powers are held or exercisable by way of security only; and
2. the security arises from a transaction entered into in the ordinary course of the money-lending business.
This provision recognises that a lender may receive shares or voting rights as collateral to secure a loan without intending to acquire genuine ownership or corporate control over the borrower.
Example
Corporation A carries on a money-lending business.
As security for a loan made in the ordinary course of its business, Corporation A receives shares in Corporation B as collateral.
If Corporation A holds those shares only as security, and the statutory conditions in section 4(3)(d) are satisfied, those shares are treated as not held by Corporation A when determining whether Corporation B is its subsidiary.
Key Principle
Shares held solely as loan security in the ordinary course of a lending business → generally excluded from the subsidiary calculation.
(3) In determining whether one corporation is a subsidiary of another corporation—
(a) any shares held or power exercisable by that other corporation in a fiduciary capacity shall be treated as not held or exercisable by it;
(b) subject to paragraphs (c) and (d), any shares held or power exercisable—
(i) by any person as a nominee for that other corporation, except where that other corporation is concerned only in a fiduciary capacity; or
(ii) by, or by a nominee for, a subsidiary of that other corporation, not being a subsidiary which is concerned only in a fiduciary capacity,
shall be treated as held or exercisable by that other corporation;
(c) any shares held or power exercisable by any person by virtue of the provisions of any debentures of the corporation or of a trust deed for securing any issue of such debentures shall be disregarded; and
(d) any shares held or power exercisable by, or by a nominee for, that other corporation or its subsidiary, not being held or exercisable as mentioned in paragraph (c), shall be treated as not held or exercisable by that other corporation if the ordinary business of that other corporation or its subsidiary, as the case may be, includes the lending of money and the shares are held or power is exercisable as aforesaid by way of security only for the purposes of a transaction entered into in the ordinary course of that business.
Determining Subsidiary Status — Treatment of Shares and Powers under Section 4(3)
Section 4(3) of the Companies Act 2016 sets out specific rules for determining whether one corporation is a subsidiary of another corporation.
While sections 4(1) and 4(2) establish the principal tests for determining control, section 4(3) explains which shares and powers are to be counted, attributed, or disregarded when applying those tests.
The provision is particularly important where shares or voting powers are held through fiduciaries, nominees, subsidiaries, debenture arrangements, or security arrangements.
The underlying principle is that subsidiary status should reflect the substantive corporate control exercised by a corporation rather than ownership or powers held merely in a fiduciary, security, or other limited capacity.
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(a) Shares or Powers Held in a Fiduciary Capacity
Where shares are held, or powers are exercisable, by the other corporation in a fiduciary capacity, those shares or powers are treated as not held or exercisable by that corporation.
A fiduciary capacity generally involves holding or exercising rights for the benefit of another person rather than for the corporation's own beneficial interest.
Accordingly, shares or powers held merely as a trustee or in another genuine fiduciary capacity should not ordinarily be used to establish that the corporation controls another corporation.
Key Principle
Fiduciary holding ≠ ownership or control for the subsidiary test.
The purpose is to prevent shares or powers held for the benefit of another person from artificially creating a holding-subsidiary relationship.
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(b) Shares or Powers Held Through Nominees or Subsidiaries
Subject to paragraphs (c) and (d), section 4(3)(b) takes the opposite approach where shares or powers are held indirectly through certain nominees or subsidiaries.
Such shares or powers may be attributed to the other corporation when determining whether a subsidiary relationship exists.
(b)(i) Nominee of the Other Corporation
Shares held or powers exercisable by a person as nominee for the other corporation are treated as being held or exercisable by that other corporation.
However, this does not apply where the other corporation is concerned only in a fiduciary capacity.
For example, if Corporation A beneficially owns shares in Corporation B but those shares are registered in the name of a nominee, the use of the nominee does not ordinarily prevent the shares from being attributed to Corporation A when determining whether Corporation B is its subsidiary.
Key Principle
Nominee holding for Corporation A → generally treated as Corporation A's holding.
This prevents corporate control from being concealed merely by registering shares or exercising powers through nominees.
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(b)(ii) Shares or Powers Held Through a Subsidiary
Shares held or powers exercisable by:
• a subsidiary of the other corporation; or
• a nominee for such subsidiary
are generally treated as being held or exercisable by the other corporation.
The exception is where that subsidiary is concerned only in a fiduciary capacity.
This rule recognises control exercised through a corporate group rather than looking solely at direct ownership.
Example
Assume:
Corporation A → Corporation B → Corporation C
Corporation B is a subsidiary of Corporation A and holds shares or exercises relevant powers in Corporation C.
Subject to the statutory exceptions, Corporation B's shares or powers in Corporation C may be attributed to Corporation A when determining the relationship between Corporation A and Corporation C.
This ensures that interposing another subsidiary or nominee does not necessarily prevent the recognition of effective group control.
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(c) Rights Arising from Debentures or Debenture Trust Deeds
Section 4(3)(c) provides another important exclusion.
Shares held or powers exercisable by a person by virtue of the provisions of:
• any debentures of the corporation; or
• a trust deed securing an issue of such debentures
are to be disregarded when determining whether one corporation is a subsidiary of another.
Such rights may exist primarily to protect debenture holders or secure repayment obligations rather than to confer ordinary corporate control.
Accordingly, powers arising solely from such debenture or trust-deed arrangements should not, by themselves, determine whether a holding-subsidiary relationship exists.
Key Principle
Control rights arising from specified debenture arrangements → disregarded for this subsidiary test.
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(d) Shares or Powers Held Merely as Security in a Money-Lending Business
Section 4(3)(d) deals with shares or powers connected with secured lending transactions.
Where the ordinary business of the other corporation or its subsidiary includes lending money, shares held or powers exercisable by that corporation, its subsidiary, or their nominee are treated as not held or exercisable by the other corporation where:
1. the shares or powers are held or exercisable by way of security only; and
2. the security arises from a transaction entered into in the ordinary course of the money-lending business.
This provision recognises that a lender may receive shares or voting rights as collateral to secure a loan without intending to acquire genuine ownership or corporate control over the borrower.
Example
Corporation A carries on a money-lending business.
As security for a loan made in the ordinary course of its business, Corporation A receives shares in Corporation B as collateral.
If Corporation A holds those shares only as security, and the statutory conditions in section 4(3)(d) are satisfied, those shares are treated as not held by Corporation A when determining whether Corporation B is its subsidiary.
Key Principle
Shares held solely as loan security in the ordinary course of a lending business → generally excluded from the subsidiary calculation.
《2016 年公司法》
第4(3)条——确定附属公司关系时股份及权力的处理
在确定一个法人团体（Corporation）是否属于另一法人团体的**附属公司（Subsidiary）**时：
(a) 以受信身份持有的股份或行使的权力
如任何股份由该另一法人团体以受信身份（Fiduciary Capacity）持有，或任何权力由其以受信身份行使，则该等股份或权力应视为并非由该另一法人团体持有或行使。
(b) 透过代名人或附属公司持有的股份或行使的权力
在符合第 (c) 及 (d) 段规定的前提下，任何股份或权力，如属于以下情况：
(i) 由任何人士作为该另一法人团体的**代名人（Nominee）**而持有或行使，但该另一法人团体仅以受信身份参与的情况除外；或
(ii) 由该另一法人团体的附属公司，或该附属公司的代名人持有或行使，但该附属公司仅以受信身份参与的情况除外，
则该等股份或权力应视为由该另一法人团体持有或行使。
(c) 因债权证或债权证信托契据产生的股份或权力
任何人士根据以下文件的规定而持有的股份或可行使的权力：
• 该法人团体的任何债权证（Debentures）；或
• 为担保发行该等债权证而订立的信托契据（Trust Deed），
在判断附属公司关系时，均应不予考虑（Disregarded）。
(d) 在放贷业务中仅作为担保而持有的股份或权力
如该另一法人团体或其附属公司的日常业务包括放贷（Lending of Money），而由该另一法人团体、其附属公司或其代名人所持有的股份或可行使的权力，并非属于第(c)段所述情况，同时：
• 有关股份或权力**仅作为担保（By Way of Security Only）**而持有或行使；并且
• 有关担保源自该放贷业务在**正常业务过程中（Ordinary Course of Business）**订立的交易，
则在判断附属公司关系时，该等股份或权力应视为并非由该另一法人团体持有或行使。
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确定附属公司身份——第4(3)条下股份及权力的处理
《2016年公司法令》第4(3)条规定了判断一个法人团体是否属于另一法人团体附属公司时所适用的特别规则。
第4(1)条及第4(2)条主要规定判断控制关系的基本测试，而第4(3)条则进一步说明，在运用这些测试时，哪些股份及权力应被计算、归属于另一法人团体，或完全不予考虑。
本条文在股份或投票权透过以下方式持有时尤其重要：
• 受信人（Fiduciaries）；
• 代名人（Nominees）；
• 附属公司；
• 债权证安排（Debenture Arrangements）；或
• 担保安排（Security Arrangements）。
其核心原则是：
附属公司关系应反映法人团体实际拥有的企业控制权，而不应因仅以受信、担保或其他有限身份持有股份或权力而人为产生控制关系。
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(a) 以受信身份持有的股份或权力
如果另一法人团体以受信身份持有股份或行使权力，则有关股份或权力，在判断附属公司关系时，应视为并非由该法人团体持有或行使。
所谓受信身份，一般是指有关法人团体并非为了自身的实益利益而持有或行使有关权利，而是为了另一人士的利益而持有或行使。
例如，如果某法人团体仅以：
• 受托人（Trustee）；或
• 其他真正的受信人身份
持有某些股份，则原则上不应仅凭该等股份认定其控制另一法人团体。
核心原则
受信身份持有 ≠ 为附属公司测试而拥有股份或控制权。
此项规定防止仅为他人利益持有的股份或权力，被错误计算为该法人团体本身的控制权益，从而人为形成控股公司与附属公司的关系。
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(b) 透过代名人或附属公司持有的股份或权力
在符合第(c)及(d)段规定的情况下，如果有关股份或权力实际上透过代名人或附属公司间接持有或行使，则法律采取相反的处理方式。
有关股份或权力可被归属于该另一法人团体（Attributed to the Other Corporation），以判断是否存在附属公司关系。
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(b)(i) 由另一法人团体的代名人持有
如果某人士作为另一法人团体的代名人持有股份或行使权力，则有关股份或权力应视为由该另一法人团体本身持有或行使。
但如果该另一法人团体本身仅以受信身份参与，则不适用此项归属规则。
示例
假设：
**A法人团体（Corporation A）**实益拥有B法人团体的股份，但有关股份登记于一名代名人名下。
即使股份的登记持有人并非A法人团体，只要代名人实际上是代表A法人团体持有股份，在判断B法人团体是否属于A法人团体的附属公司时，有关股份原则上仍应视为由A法人团体持有。
核心原则
代名人为A法人团体持有股份 → 原则上视为A法人团体本身持有。
此项规定可防止法人团体仅透过代名人登记股份或行使权力，以隐藏实际存在的企业控制关系。
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(b)(ii) 透过附属公司持有的股份或权力
如果股份或权力由：
• 该另一法人团体的附属公司持有或行使；或
• 该附属公司的代名人持有或行使，
则原则上应视为由该另一法人团体本身持有或行使。
但是，如果有关附属公司仅以受信身份参与，则不适用此项规则。
此项规定确认，《2016年公司法令》在判断控制关系时，不仅考虑直接持股，同时亦考虑透过企业集团架构形成的间接持股及间接控制。
示例
假设：
A法人团体 → B法人团体 → C法人团体
B法人团体是A法人团体的附属公司，而B法人团体持有C法人团体的股份或对C法人团体行使相关权力。
在符合第4(3)条规定的情况下，B法人团体对C法人团体持有的股份或行使的权力，可以归属于A法人团体，以判断A法人团体与C法人团体之间是否存在控股及附属关系。
这确保企业不会仅因在集团架构中加入另一层附属公司或代名人，而避免其实际控制关系被法律承认。
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(c) 因债权证或债权证信托契据产生的权利
第4(3)(c)条规定另一项重要的排除规则（Exclusion）。
如果任何人士持有股份或拥有可行使的权力，是由于：
• 法人团体债权证的条款；或
• 为担保发行该等债权证而订立的信托契据
所产生，则在判断附属公司关系时，该等股份或权力应不予考虑。
有关权利通常是为了：
• 保障债权证持有人；
• 确保债务获得偿还；或
• 执行债权证相关担保，
而并非为了赋予有关人士一般性的公司控制权。
因此，仅因债权证或相关信托契据而产生的权力，不应单独导致控股公司与附属公司关系的成立。
核心原则
因特定债权证或债权证信托契据产生的控制权利 → 在附属公司测试中不予考虑。
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(d) 在放贷业务中仅作为担保而持有的股份或权力
第4(3)(d)条处理与**有担保贷款（Secured Lending）**有关的股份及权力。
如果另一法人团体或其附属公司的日常业务包括放贷业务（Money-Lending Business），而有关股份或权力：
1. **仅作为贷款担保而持有或行使；**以及
2. 有关担保源自在该放贷业务的正常业务过程中订立的交易，
则有关股份或权力原则上应视为并非由该另一法人团体持有或行使。
此项规定承认，贷款人可能要求借款人提供股份或相关权利作为贷款抵押，但这并不代表贷款人真正有意取得借款企业的所有权或一般企业控制权。
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实务示例
假设：
A法人团体的日常业务包括提供贷款。
A法人团体在正常放贷业务过程中向B法人团体提供贷款。
为了保障该笔贷款，A法人团体取得B法人团体的部分股份作为抵押或担保（Security）。
如果：
• A法人团体仅为了保障贷款而持有该等股份；
• 有关股份并非为了取得B法人团体的实际拥有权或控制权；
• 有关交易是在A法人团体正常放贷业务过程中订立；以及
• 符合第4(3)(d)条的其他法定条件，
则在判断B法人团体是否属于A法人团体的附属公司时，该等股份应视为并非由A法人团体持有。
核心原则
在正常放贷业务中，仅作为贷款担保而持有的股份 → 原则上不计入附属公司关系的判断。
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第4(3)条的整体运作原则
从实务角度而言，第4(3)条可概括为以下四项规则：
1. 受信身份持有
→ 不计算。
2. 透过代名人或非纯粹受信性质的附属公司持有
→ 原则上归属于母公司计算。
3. 因债权证或债权证信托契据产生的股份或权力
→ 不予考虑。
4. 正常放贷业务中仅作为贷款担保而持有的股份或权力
→ 符合法定条件时不计算。
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实务上的重要性
第4(3)条对于准确判断企业集团的法律结构非常重要，尤其是在涉及以下安排时：
• 信托持股安排；
• 代名人持股安排；
• 多层附属公司架构；
• 间接持股；
• 债权证融资；
• 债权证信托契据；
• 银行及其他金融机构的贷款担保；
• 股份质押或其他股份担保安排；以及
• 企业集团内部的复杂控制结构。
因此，在判断一个法人团体是否属于另一法人团体的附属公司时，不能仅查看股份登记册上的名义持有人。
还必须进一步确定：
• 谁拥有实际的实益权益；
• 股份是否以受信身份持有；
• 是否存在代名人安排；
• 股份是否由集团内附属公司持有；
• 有关权力是否源自债权证或信托契据；以及
• 股份是否仅作为正常放贷业务中的贷款担保而持有。
07 Aug 2026
