227 Cell securities

(1) A protected cell company may, in respect of any of its cells, create and
issue cell securities including cell shares.


(2) The proceeds of the issue of shares other than cell shares created and
issued by a protected cell company shall be comprised in the company‘s
core assets.

(3) A protected cell company may make a cellular distribution or a non-
cellular distribution accordance with section 71.

(4) The provisions of this Act, subject to the provisions of this Part and unless
the context requires otherwise, apply in relation to —

(a) cell shares as they apply to shares which are not cell shares; and

(b) cell share capital as they apply to share capital which is not cell
share capital.

(5) Without limiting the generality of subsection (4), the provisions of
section 76 (Shares redeemed at the option of a shareholder) shall apply
mutatis mutandis in relation to the cell shares of a protected cell company
including such that cell shares in a protected cell company authorised
under the Mutual Fund and Hedge Fund Act to operate as a mutual fund
may be redeemable at the option of the holder.