173.-Persons who may apply for registration.

(1) Where the emoluments of all the employees to whom a profit-related pay scheme relates are paid by the same person, an application to register the scheme under this Chapter may be made to the Board by that person.
(2) Where subsection (1) above does not apply to a profit-related pay scheme, no application to register it may be made unless all the persons who pay emoluments to employees to whom the scheme relates are bodies corporate which are members of the same group; and in that case an application may be made by the parent company of the group.
(3) In subsection (2) above-

"group" means a body corporate and its 51 per cent. subsidiaries, and "parent company" means that body corporate; and

in applying for the purposes of this section the definition of "51 per cent. subsidiary" in section 838, any share capital of a registered industrial and provident society (within the meaning of section 486) shall be treated as ordinary share capital ¹⁰.