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Regulation 49 Third parties circumventing segregation

Original text. Later amendments are not shown.

Where—

(a)

a person has a claim against a protected cell company;

(b)

the claim relates to a part of the protected cell company (“part A”);

(c)

the person obtains property from the protected cell company in full or partial satisfaction of the claim; and

(d)

the property was held by the protected cell company on behalf of a part of the protected cell company other than part A (“part B”),

then the person holds the property on trust for the benefit of part B.