S.L. 386.16 Art. 7Cellular and non- cellular assets.

(1) Without prejudice to regulation 4(4), the assets of a securitisation cell company shall be either cellular assets or non-cellular assets.

(2) It shall be the duty of the directors of a securitisation cell company to keep:

(a) cellular assets separate and separately identifiable from non-cellular assets;

(b) cellular assets attributable to each cell separate and separately identifiable from cellular assets attributable to other cells; and

(c) separate records, accounts, statements and other documents as may be necessary to evidence the assets and liabilities of each cell as distinct and separate from the assets and liabilities of other cells in the same company, and as distinct and separate from the non-cellular assets and liabilities of the securitisation cell company.

(3) The cellular assets of a securitisation cell company mean the assets of the company attributable to the cells of the company.

(4) The non-cellular assets of a securitisation cell company mean the assets of the company which are not cellular assets.