Section 147D
of International Business Companies Order, 2000
Section 147D
(2)
A DCC shall –
(a)
maintain separate records for dedicated assets and keep the dedicated assets held for each cell separate from dedicated assets held for other such cells and from general assets; and
(b)
arrange proper protection of dedicated assets, both as between cells and in respect of general assets, by way of segregation and clear identification.
(3)
The dedicated assets of a cell of a DCC comprise –
(a)
assets represented by the proceeds of dedicated share capital together with surplus and reserves attributable to the cell;
Incorporating amendments until S 53/2017
(Clean Vesion) NANI/zimah _ as of 11 February 2020
126
BLUV as at 20th June 2017
(b)
all other assets and property attributable to the cell.
(4)
In subsection (3)(a), the expression “reserves” includes retained earnings, capital reserves and share premiums.
(5)
The general assets of a DCC comprise the assets of the company which are not dedicated assets.
(6)
A DCC may cause or permit dedicated assets and general assets to be held by or through a person (including without limitation a DCC) acting as a nominee or trustee.
(7)
Subject to any relevant modification, the duty imposed by subsection (2) is not breached by reason only that the directors of a DCC include directors who are appointed to manage the affairs of a particular cell or cells, or appoint a committee to undertake duties in relation to a particular cell or cells, or cause or permit dedicated assets or general assets, or a combination of both, to be collectively invested, or collectively managed by an investment manager, provided that the assets in question remain separately identifiable in accordance with subsection (2).
(8)
Any director, committee member, administrator or investment manager appointed with respect to duties connected with an identified dedicated cell or cells shall be under a duty to give notice of their respective status in like manner to the duty imposed on a
DCC by section 147O, and the provisions of that section in relation to a DCC shall apply in like terms mutatis mutandis to any such director, committee member, administrator or investment manager.
Position of creditors.