As defined in the Commercial Code, holding is a public limited company, a public limited partnership or a private limited company with the purpose to participate in whatever form in other companies or in their management. At least 25% of the capital of a holding has to be entered directly in subsidiaries. A subsidiary, according to the local law, means a company in which the holding owns or controls directly or indirectly at least 25% of the stocks or shares, or can appoint directly or indirectly more than 50% of the members of the managing body. The Commercial Code explicitly names the activities, which a holding is allowed to perform and those, which it is not allowed to perform.