S.L. 386.10 Art. 2Interpretation.

(1) In these regulations, unless the context otherwise requires -

"the Act" means the Companies Act; "approved auditor" and "auditor" shall have the same meaning assigned to them by article 21(10) of the Insurance Business Act; "business of insurance" has the same meaning as is assigned to it in article 2(1) of the Insurance Business Act, and shall include business carried on by a captive insurance undertaking and a captive reinsurance undertaking as defined in the Insurance Business Act, the business of insurance manager, as well as the business of insurance broking under the Insurance Distribution Act;

"cell" means a cell created by a cell company for the purpose of segregating and protecting the cellular assets of the company in the manner provided by these regulations and includes a reference to segregated accounts, compartments or units within a company having multiple accounts, compartments or units, by whatever name designated, and the word "cellular" shall be interpreted and applied accordingly; "cell company" is a company formed or constituted as such or converted into a cell company and creating within itself one or more cells for the purposes of segregating and protecting the cellular assets of the company in accordance with the provisions of these regulations, and in relation to the business of insurance manager, as well as the business of insurance broking, reference to "company" shall include reference to a partnership en commandite or a similar or equivalent body corporate, which has its capital divided into shares;

"cell shares" means shares created and issued by a cell company in respect of one of its cells pursuant to the provisions of regulation 10, the proceeds of the issue of which (the "cell share capital") shall be comprised in the cellular assets attributable to that cell; "cell share capital" means the proceeds of issue of cell shares; "cell transfer approval" means an approval of the competent authority under regulation 16 approving the transfer of the cellular assets attributable to any cell of a cell company to another person; "cellular assets" of a cell company means the assets of the company attributable to any cell of the company pursuant to regulation 9(4); "cellular dividend" means a dividend payable by a cell company in respect of cell shares pursuant to the provisions of regulation 10(3); "competent authority" means the Malta Financial Services Authority established by the Malta Financial Services Authority Act; "Insurance Rule" has the same meaning as is assigned to it by article 2 of the Insurance Business Act; "non-cellular assets" of a cell company comprise the assets of the company which are not cellular assets.

(2) Words and expressions which are also used in the Act shall, in these regulations, have the same meanings as in the Act.