S.L. 386.22 Art. 14Transfer of cellular assets from a cell company.

(1) It shall be lawful for the cellular assets attributable to any cell of a cell company, but not the non-cellular assets of a cell company, to be transferred to another person, wherever resident or incorporated, and whether or not a cell company.

(2) A transfer, pursuant to sub-regulation (1), of cellular assets attributable to a cell of a cell company shall not of itself entitle creditors of that company to have recourse to the other assets of the person to whom the cellular assets were transferred.

(3) A cell company may make payments or transfers from the cellular assets attributable to any cell of the company to a person entitled to have recourse to those cellular assets.

(4) A cell company may invest, or otherwise create a charge or security interest of whatever nature over, cellular assets, or otherwise make payments or transfers from cellular assets, or use cellular assets for the purposes of providing any security in the ordinary course of the company’s business.