S.L. 386.22 Art. 2Interpretation. Cap. 386.

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

"the Act" means the Companies 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 conduct of shipping or aviation business as defined in article 84E of the Act;

"cell shares" means shares created and issued by a cell company in respect of one of its cells pursuant to the provisions of regulation 9, 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;

"cellular assets" of a cell company means the assets of the company attributable to any cell of the company as prescribed in these regulations;

"cellular dividend" means a dividend payable by a cell company in respect of cell shares pursuant to the provisions of COMPANIES)

regulation 9(3);

"non-cellular assets" of a cell company comprise the assets of the company which are not cellular assets;

"Registrar" means the person appointed as Registrar of Companies under the Act;

"relevant activities" means the conduct of shipping or aviation business as defined in article 84E of the Act.

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