S.L. 386.16 Art. 32Approval of a cell.

(1) The memorandum or articles of association of a securitisation cell company shall state that:

(a) the securitisation cell company may create cells for the purpose of carrying out the activities of a reinsurance special purpose vehicle through such cells; and

(b) the directors may, subject to the provisions of the Reinsurance Special Purpose Vehicles Regulations and Parts I and III of these regulations, carry out all acts relating to the creation, operation and termination of cells in a securitisation cell company.

(2) A cell of a securitisation cell company may only be created with the prior approval of the competent authority.

(3) A securitisation cell company shall deliver a copy of the approval of the creation of a cell to the Registrar of Companies for registration within fourteen days from the date of issue of the approval by the competent authority.

(4) The competent authority may, from time to time, in such a manner as it deems appropriate:

(a) vary or revoke any term or condition subject to which an approval under sub-regulation (2) was granted; and

(b) impose any new term or condition in relation to any such approval.

(5) The competent authority may withdraw its approval in respect of any cell or cells of the securitisation cell company on the same grounds and on the same basis as referred to in regulation 10 of the Reinsurance Special Purpose Vehicles Regulations.