Cell shares and share capital

(1) A protected cell company may, in respect of any of its cells, create and issue shares (“cell shares”) the proceeds of the issue of which (“cell share capital”) shall comprise 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 comprise a protected cell company’s non-cellular assets. (3) A protected cell company may pay a dividend (a “cellular dividend”) in respect of cell shares. 9 (4) Cellular dividends 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.