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Regulation 52 Movement of assets between cells

Original text. Later amendments are not shown.

(1)

Where an asset is recorded in the records and accounts of a protected cell company as an asset held by the protected cell company on behalf of a cell, the protected cell company may only amend its records and accounts so as to reallocate that asset to another cell where—

(a)

the amendment is made pursuant to enforceable arrangements made between the cells (see regulations 68 and 69);

(b)

the records and accounts mistakenly allocate the asset to the incorrect cell and the amendment corrects that mistake; or

(c)

the amendment is made pursuant to an order of the court.

(2)

An amendment made in contravention of paragraph (1) has no effect.