PART 4Protected Cell Companies
CHAPTER 7Dealings with third parties
Contracts78
1
Where a protected cell company enters into a contract with a person, the protected cell company must ensure that the contract states clearly and unambiguously—
a
whether the protected cell company enters into the contract on behalf of the core or a cell; and
b
where the protected cell company enters into the contract on behalf of a cell, the cell’s name or number.
2
Where a protected cell company enters into a contract with a person on behalf of two or more parts of the protected cell company, the protected cell company must ensure that the contract states clearly and unambiguously which rights and obligations of the protected cell company relate to each part.
3
The protected cell company must also ensure that every contract into which it enters contains a statement that a liability incurred by the protected cell company on behalf of the core or a cell of that protected cell company is to be discharged solely out of assets held by the protected cell company on behalf of the core or the cell (as the case may be).