(a) Except as provided in subdivision (b), âsubsidiaryâ of a specified corporation means a corporation more than 50 percent of the voting power of which is owned directly, or indirectly through one or more subsidiaries, by the specified corporation. (b) For the purpose of Section 7315, âsubsidiaryâ of a specified corporation means a corporation more than 25 percent of the voting power of which is owned directly, or indirectly through one or more subsidiaries as defined in subdivision (a), by the specified corporation.
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