Section 9: Cell shares and cell share capital
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.
9. Cell shares and cell share capital
(1) A protected cell company may, in respect of any of its cells, create
and issue shares the proceeds of the issue of which shall be comprised in the
cellular assets attributable to the cell in respect of which the cell shares were
issued.
(2) The proceeds of the issue of shares other than cell shares created
and issued by a protected cell company shall be comprised in the company’s
non-cellular assets.
(3) A protected cell company may pay a dividend in respect of cell shares.
P42 – 5 [Issue 1]
Protected Cell Companies Act
(4) A cellular dividend may be paid in respect of cell shares by reference
only to the cellular assets and liabilities attributable to the cell in respect of
which the cell shares were issued.
(5) In determining the cellular dividend payment in respect of any cell, no
account shall be taken of—
(a) the profits and losses, or the assets and liabilities, attributable to
any other cell; or
(b) non-cellular profits and losses, or assets and liabilities.