S.L. 386.14 Art. 12Separation of assets and liabilities.

(1) It shall be the duty of the directors of an incorporated cell company and of the directors of each incorporated cell, as applicable:

(a) to keep the assets and liabilities of the incorporated cell company separate and separately identifiable from the assets and liabilities of its incorporated cells;

(b) to keep the assets and liabilities of each incorporated cell separate and separately identifiable from the assets and liabilities of the other incorporated cells of the incorporated cell company.

(2) The duty imposed by sub-regulation (1) is not breached by reason only that the directors cause or permit assets of the incorporated cell company or of any of its incorporated cells to be collectively invested, or collectively managed by an investment manager: Provided that the assets so invested or managed shall remain separately identifiable in accordance with sub-regulation (1).