Contracts between parts of a protected cell companyU.K.
74.—(1) Where a protected cell company enters into a contract which purports to create rights and obligations between two or more cells, or two or more cells of a protected cell company purport to enter into a contract creating rights and obligations between the cells, the rights and obligations between the cells—
(a)take effect as arrangements made between the cells, provided the requirements of—
(i)regulations 68 and 69; or
(ii)where applicable, regulation 70,
are satisfied; and
(b)have no other effect as between the cells.
(2) Where a protected cell company enters into a contract which purports to create rights and obligations between the core and a cell, or the core and a cell of a protected cell company purport to enter into a contract creating rights and obligations between the core and the cell, the rights and obligations between the core and the cell have no effect as between the core and the cell.
(3) This regulation does not prevent a protected cell company from entering into a contract with a person on behalf of two or more parts of the protected cell company.