Article 95 - Cellular and Non-Cellular Assets

(1) The assets of a PCC shall be either Cellular Assets or Non-Cellular Assets.
(2) It shall be the duty of the directors of a PCC:
(A) to keep Cellular Assets separate and separately identifiable from Non-Cellular Assets; and
(B) to keep Cellular Assets attributable to each Cell separate and separately identifiable from Cellular Assets attributable to other Cells.
(3) The Cellular Assets of a PCC comprise the assets of the PCC attributable to the Cells of the PCC.
(4) The assets attributable to a Cell of a PCC comprise:
(A) assets represented by the proceeds of Cell Share Capital and reserves attributable to the Cell; and
(B) all other assets attributable to the Cell.
(5) For the purposes of Article 95(4), the expression "reserves" includes retained earnings, capital reserves and share premiums.
(6) The Non-Cellular Assets of a PCC comprise the assets of the PCC which are not Cellular Assets.
(7) Notwithstanding the provisions of Article 95(2), the directors of a PCC may cause or permit Cellular Assets and Non-Cellular Assets to be held:
(A) by or through a nominee; or
(B) by a PCC the Shares and capital interests of which may be Cellular Assets or Non-Cellular Assets, or a combination of both.
(8) The duty imposed by Article 95(2) is not breached by reason only that the directors of a PCC cause or permit Cellular Assets or Non-Cellular 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 Article 95(2).