S.L. 386.15 Art. 12Separation of assets and liabilities

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

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

(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 recognised incorporated cell company at all times.

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