S.L. 386.22 Art. 4Cell companies.

(1) Subject to the provisions of these regulations:

(a) a company may be formed or constituted as a cell company to carry on relevant activities;

(b) a company carrying on relevant activities may be converted, if so authorised by its memorandum and articles of association, into a cell company;

(c) a cell company shall, as the case may be, obtain any licence and, or authorisation in terms of any applicable law in order to carry on any relevant activities or to be formed or constituted as a cell company and to carry out specific acts or procedures whilst being a cell company, as may be prescribed.

(2) Notwithstanding that a cell company may have created one or more cells:

(a) a cell company is a single legal person; and

(b) the creation of a cell by a cell company does not create, in respect of that cell, a legal person separate from the company.