S.L. 386.14 Art. 4Continuation.

(1) Subject to the provisions of the Continuation

Regulations:

(a) a body corporate with variable share capital, registered, incorporated or constituted under the laws of an approved country or jurisdiction outside Malta and carrying on the activity of a collective investment scheme, which is similar in nature to an incorporated cell company as known under the laws of Malta may be continued as an incorporated cell company: Provided that if such body corporate as aforesaid has a cell or cells which are similar in nature to incorporated cells as known under the laws of Malta, the continuation of the body corporate shall require the simultaneous continuation of all such cells as incorporated cells;

(b) a body corporate, registered, incorporated or constituted under the laws of an approved country or jurisdiction outside Malta, and carrying on the activity of a collective investment scheme, which is similar in nature to a non-cellular company as known under the laws of Malta may be continued as an incorporated cell of an incorporated cell company;

(c) an incorporated cell company may be continued as a body corporate similar in nature to an incorporated cell company as known under the laws of Malta under the laws of a country outside Malta: Provided that if such incorporated cell company has an incorporated cell or incorporated cells in existence, the continuation of the incorporated cell company shall require the simultaneous continuation of all such incorporated cells under the laws of such country outside Malta; or

(d) an incorporated cell may be continued as a body corporate under the laws of a country outside Malta.

(2) For the purpose of sub-regulation (1), the expression "approved country or jurisdiction" means such country or jurisdiction as may be established from time to time by guidelines issued by the Registrar of Companies pursuant to the Continuation Regulations.