Cellular and non-cellular assets

(1) The assets of a protected cell company shall be either cellular or non-cellular assets. (2) It shall be the duty of the directors of a protected cell (a) to keep cellular assets separately identifiable from non-cellular assets; and (b) to keep cellular assets attributable to each cell separate and separately identifiable from cellular assets attributable to other cells. (3) The cellular assets of a protected cell company comprise the assets of the company attributable to the cells of the protected cell company. (4) The assets attributable to a cell of a protected cell company comprise, (a) assets represented by the proceeds of cell share capital and reserves attributable to the cell; and 8 (b) all other assets attributable to the cell. (5) For the purposes of subsection (4) of this section, the expression “reserves” includes retained earnings, capital reserves and share premiums. (6) The non-cellular assets of a protected cell company comprise the assets of the company which are not cellular