Section 8: Cellular and non-cellular assets
consolidated text (as at 2013, amended since). juris shows the text as it was consolidated; it does not confirm that this is the law in force today.
8. Cellular and non-cellular assets
(1) The assets of a protected cell company may comprise cellular assets
or non-cellular assets or a combination of both.
(2) The directors of a protected cell company shall—
(a) keep cellular assets separate and separately identifiable from
non-cellular assets; and
(b) keep cellular assets attributable to each cell separate and separately identifiable from cellular assets attributable to other cells.
(3) The directors of a protected cell company may cause or permit—
(a) cellular assets and non-cellular assets to be held—
(i) by or through a nominee; or
(ii) by a company, the shares and capital interests of which
may be cellular assets or non-cellular assets, or a combination of both;
(b) cellular assets or non-cellular assets, or a combination of both,
to be collectively managed by an investment manager.
(4) —
(5) The assets attributable to a cell shall comprise—
(a) assets represented by the proceeds of cell share capital and reserves attributable to the cell; and
(b) all other assets attributable to the cell.
(6) For the purposes of subsection (5), “reserves” includes retained earnings, capital reserves and share premiums.