S.L. 370.16 чл. 15Segregation of assets and liabilities of multi fund schemes.

(1) A multi fund scheme may, in terms of its deed of constitution, have the assets and liabilities of each sub-fund treated for all intents and purposes of law as a patrimony separate from the assets and liabilities of each other sub-fund of the multi fund scheme. Where a multi fund scheme is so constituted, the assets and liabilities of each sub-fund shall, for all intents and purposes of law, be deemed to constitute a patrimony separate from the assets and liabilities of each other sub-fund of such a multi fund scheme.

(2) Subregulation (1) shall not apply to such proportion of the liabilities of a multi fund scheme which, by virtue of the deed of constitution of such a scheme, or by virtue of the terms of issue of the units constituting a sub-fund are, or are to be attributable to, one or more sub-funds in the proportion established therein.

(3) The liabilities incurred in respect of each sub-fund shall be paid out of the assets forming part of its patrimony and the creditors in respect thereof shall have no claim or right of action against the other assets forming part of the multi fund scheme, and proceedings against the management company or the depositary in relation to the multi fund scheme shall respect the legal status of each sub-fund as a patrimony separate from the assets and liabilities of each other sub-fund of the multi fund scheme, in terms of this regulation. "Proceedings" in this regulation shall mean the procedures which must be followed in respect of the dissolution and the liquidation of the common fund in terms of regulation 21.

(4) The management company of a contractual fund shall hold or cause to be held such separate records, accounts, statements and other documents as may be necessary to evidence the liabilities and assets of each sub-fund as distinct and separate from the assets and liabilities of other sub-funds in the same multi fund scheme.