(1) The prohibition in section 136 (prohibition on subsidiary being a member of its holding company) does not apply where the subsidiary is concerned only -
(a) as personal representative, or
(b) as trustee,
unless, in the latter case, the holding company or a subsidiary of it is beneficially interested under the trust.
(2) For the purpose of ascertaining whether the holding company or a subsidiary is so interested, there shall be disregarded -
(a) any interest held only by way of security for the purposes of a transaction entered into by the holding company or subsidiary in the ordinary course of a business that includes the lending of money;
(b) any interest within -
section 139 (interests to be disregarded: residual interest under pension scheme or employees' share scheme), or
section 140 (interests to be disregarded: employer's rights of recovery under pension scheme or employees' share scheme);
(c) any rights that the company or subsidiary has in its capacity as trustee, including
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