S.L. 386.15 Art. 11Status of an incorporated cell.

(1) An incorporated cell is a limited liability company with separate legal personality.

(2) An incorporated cell is not a subsidiary of its recognised incorporated cell company solely by virtue of the fact of it being an incorporated cell of its recognised incorporated cell company.

(3) An incorporated cell may not itself be a recognised incorporated cell company.

(4) An incorporated cell may be a SICAV or an investment company with fixed share capital.

(5) An incorporated cell shall have the same registered office as its recognised incorporated cell company at all times.

(6) Subject to the requirements of Directive 2003/71/EC on the prospectus to be published when securities are offered to the public or admitted to trading and of Directive 2004/109/EC on the harmonisation of transparency requirements in relation to information about issuers whose securities are admitted to trading on a regulated market, as may be amended from time to time, an incorporated cell shall use the standard form documents provided by its recognised incorporated cell company and shall not amend or alter such documents in any manner without the prior written approval of the recognised incorporated cell company: Provided that nothing stated in this sub-regulation shall prejudice the rights and interests of investors in the incorporated cell or affect the relationship between the incorporated cell and its investors.

(7) Without prejudice to the requirements of article 6 of the Act, a recognised incorporated cell company and an incorporated cell shall also indicate in a suitable manner in all of their business letters and forms that they are a recognised incorporated cell company or an incorporated cell, as applicable.