The Risk Transformation Regulations 2017

Effect of registration

25.—(1) The registration of a protected cell company has the following effects from the date of incorporation.

(2) The following persons are a body corporate by the name stated in the certificate of incorporation—

(a) the persons named in the application for registration as the persons who will, on registration, hold voting shares in the core of the protected cell company; and

(b) such other persons as may from time to time hold shares issued on behalf of the core of the protected cell company.

(3) That body corporate is capable of exercising all the functions of an incorporated company.

(4) The registered office of the protected cell company is as stated in the application for registration.

(5) The persons named as proposed directors in the application for registration are appointed to that office.

(6) The persons named in the application for registration as the persons who will, on registration, hold voting shares in the core of the protected cell company become the holders of those shares.

(7) The shares referred to in paragraph (6) are deemed to be have been issued by the protected cell company on behalf of the core.

(8) The provisions of the protected cell company’s instrument of incorporation are binding on the following persons to the same extent as if there were covenants between them—

(a) the protected cell company;

(b) each person holding shares issued by the protected cell company on behalf of any part of the protected cell company.

(9) All the persons mentioned in paragraph (8) (but no others) are to be taken to have notice of the provisions of the protected cell company’s instrument of incorporation.