S.L. 370.32 Art. 13Assets held under control not subject to the rights of creditors of the depositary. Cap. 12.

(1) The creditors of the depositary shall have no claim or right of action on or against the assets held by the depositary for and on behalf of the scheme and such assets shall not be affected in any manner by the provisions of laws and regulations in force regulating the insolvency or bankruptcy of the depositary.

(2) In the event of any such insolvency or bankruptcy or related order or resolution, or in the event that the competent authority so requires, the depositary or any administrator or receiver or other officer appointed to represent it by any court or otherwise, shall on demand of any scheme or of the competent authority, immediately transfer the control, possession and title of all assets held by or in the name of the depositary on behalf of the scheme to another depositary or to such other person as may be instructed by the scheme or by the competent authority.

(3) In the event that any assets held by the depositary are, at the request of any creditor of the depositary, made subject to any precautionary or executive act or warrant granted by any Court in terms of the Code of Organization and Civil Procedure, the scheme on whose behalf such assets are being held or the competent authority may, by application to the Court, request the release of the assets from such act or warrant and the Court shall on production of evidence, as it may deem fit, accede to the application without delay.