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PART 4Protected Cell Companies

CHAPTER 3Structure of a protected cell company

Third parties circumventing segregation

49.  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.