# The Risk Transformation Regulations 2017, Regulation 92: Nature of shares


(1) Only a share issued on behalf of the core of a protected cell company is to be treated as a share in the protected cell company.
(2) A share issued on behalf of a cell of a protected cell company is to be treated as a share in that cell.
(3) A share is personal property (or, in Scotland, moveable property) and is not in the nature of real estate (or heritage).

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Source: https://www.legislation.gov.uk/ukdsi/2017/9780111160596/regulation/92 (the official version)
Page: https://openlegislation.uk/draft-risk-transformation-regulations-2017/regulation-92
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.