The regulation 23.149 actually reads
§ 23.149 Minimum control speed.
(a) VMC is the calibrated airspeed at which, when the critical engine is suddenly made inoperative, it is possible to maintain control of the airplane with that engine still inoperative, and thereafter maintain straight flight at the same speed with an angle of bank of not more than 5 degrees. The method used to simulate critical engine failure must represent the most critical mode of powerplant failure expected in service with respect to controllability.
(b) VMC for takeoff must not exceed 1.2 VS1, where VS1 is determined at the maximum takeoff weight. VMC must be determined with the most unfavorable weight and center of gravity position and with the airplane airborne and the ground effect negligible, for the takeoff configuration(s) with -
(1) Maximum available takeoff power initially on each engine;
(2) The airplane trimmed for takeoff
(3) Flaps in the takeoff position(s);
(4) Landing gear retracted; and
(5) All propeller controls in the recommended takeoff position throughout.