(1) A participating institution is for all purposes of this Act the agent of each other legal entity in its group with full power to bind each other such entity.
(2) The service of a notice on, or any communication with, a participating institution referred to in subsection (1) is for all purposes of this Act effective as service of the notice on, or communication with, any other entity in the participating institution's group.
(3) In this section "group", in relation to a participating institution, means -
(a) the participating institution,
(b) any subsidiary of the participating institution, and
(c) any entity of which the participating institution is a subsidiary.