Section 80.174 - Significant Subsidiary"Significant subsidiary" means a subsidiary or a subsidiary and its subsidiaries which meet any of the following requirements on the basis of the most recent annual financial statements of such subsidiary and of its parent:
(a) The parent's and its other subsidiaries' investments in and advances to, or their proportionate share (based on their equity interests) of the total assets (after intercompany eliminations) of, the subsidiary exceed 10 percent of the total assets of the parent and its consolidated subsidiaries.(b) The parent's and its other subsidiaries' proportionate share (based on their equity interests) of the total sales and revenues (after intercompany eliminations) of the subsidiary exceeds 10 percent of the total sales and revenues of the parent and its consolidated subsidiaries.(c) The parent's and its other subsidiaries' equity in the income before income taxes and extraordinary items of the subsidiary exceeds 10 percent of (1) such income of the parent and its consolidated subsidiaries or (2) if such income of the parent and its consolidated subsidiaries is at least 10 percent lower than the average of such income for the last five fiscal years, such average income.Cal. Code Regs. Tit. 10, § 80.174
1. Amendment of NOTE filed 8-11-2015; operative 10-1-2015 (Register 2015, No. 33). Note: Authority cited: Sections 321 and 334, Financial Code. Reference: Division 1.2, Financial Code.
1. Amendment of Note filed 8-11-2015; operative 10/1/2015 (Register 2015, No. 33).