Commonwealth Consolidated Acts Commonwealth Consolidated Acts(1) This section applies if the transitional group mentioned in section 701 - 35 of this Act is a MEC group.
(2) That section has effect as if paragraph 701 - 35(3)(c) were repealed and the following paragraph were substituted:
(c) when the transitional group came into existence, the test entity was a subsidiary member of the group, other than as:
(i) a transitional foreign - held subsidiary of the group (see section 701C - 20); or
(ii) an eligible tier - 1 company of the group.