S.L. 370.32 Art. 11Assets held by the depositary constituteadistinct patrimony. Cap. 16. Cap. 16.

(1) A depositary holding assets of a scheme in custody shall hold such assets solely for and on behalf of and in the interest of the scheme and its investors.

(2) Notwithstanding the provisions of article 1894 of the Civil

Code, the assets held by the depositary shall be deemed to constitute a distinct patrimony, separate from that belonging to the depositary and from that of other collective investment schemes, the assets of whom are also held by the depositary.

(3) Except as expressly provided in the depositary agreement entered into between the depositary and the scheme or the fund manager on behalf of the scheme and notwithstanding the provisions of the Civil Code, the control of assets of the scheme, shall not give or be deemed or construed to give to the depositary any rights over such assets nor shall it create any form of loan between the depositary and the scheme and this notwithstanding the nature of the assets or the rights or obligations of the depositary in relation to the assets.