(1) In this Article, Article 40 and Schedule 6 -
"insurance undertaking" means the holder of an authorisation under the Regulations of 1984 or the Regulations of 1976.
(2) The value of any share in a dependant of an insurance undertaking shall be not greater than that part of the net asset value of the dependent which would be payable in respect of the share if the dependent were in liquidation and the net asset value were the amount distributable to the shareholders in the winding-up.
(3) In this Article, "net asset value" means, in relation to a dependant, the amount by which the value of its assets, as determined in accordance with Article 40, exceeds the amount of its liabilities as determined in the case of a dependant which is an insurance undertaking, in accordance with Article 40.
(4) The value of any debt due, or to become due to an insurance undertaking from a dependant (other than a debt to which Article 41 (2) or (3) applies) shall be the amount which would reasonably