S.L. 386.22 Art. 9Cell shares and share capital.

(1) A cell company may, in respect of any of its cells, create and issue shares ("cell shares") the proceeds of the issue of which ("cell share capital") shall be comprised in the cellular assets attributable to the cell in respect of which the cell shares were issued.

(2) The proceeds of the issue of shares, other than cell shares created and issued by a cell company, shall be comprised in the non-cellular assets of the company.

(3) A cell company may pay a dividend (a "cellular dividend") in respect of cell shares.

(4) Cellular dividends may be paid in respect of cell shares by reference only to the cellular assets and liabilities, or the profits attributable to the cell in respect of which the cell shares were issued; and accordingly, in determining whether or not profits are available for the purposes of paying a cellular dividend, no account shall be taken of:

(a) the profits and losses, or the assets and liabilities, attributable to any other cell of the cell company; or

(b) non-cellular profits and losses, or non-cellular assets and liabilities.

(5) Unless the context otherwise requires, references to shares in the Act includes references to cell shares.