§ 1605 — When corporation is deemed a subsidiary

§ 1605. When corporation is deemed a subsidiary. (a) For the purposes\nof this article:\n (1) any corporation a majority of whose outstanding voting shares is\nowned or controlled by another corporation shall be deemed the latter's\nsubsidiary, and\n (2) any corporation whose voting shares are held by a domestic\ninsurance company pursuant to section one thousand six hundred two, one\nthousand six hundred three or one thousand six hundred four of this\narticle shall be deemed the subsidiary of the insurer, provided that for\npurposes of section one thousand six hundred six of this article, a\ncorporation shall be deemed the insurer's subsidiary only so long as the\ninsurer owns a majority of the total voting shares or retains direct or\nindirect control of such subsidiary.\n (b) For purposes of this article "voting shares" means shares of any\nclass having voting power for the election of the corporation's\ndirectors except shares having such power only by reason of the\nhappening of a contingency.\n