PART 4Protected Cell Companies
CHAPTER 3Structure of a protected cell company
The core42
1
A protected cell company must have a core.
2
The core—
a
is part of the protected cell company; and
b
does not have legal personality distinct from the protected cell company.
3
The purpose of the core is to administer the protected cell company.
4
For that purpose, the protected cell company may, on behalf of the core, carry out such functions as are conferred on the core by the protected cell company's instrument of incorporation.
5
The instrument of incorporation may, amongst other things, enable the protected cell company to do the following things on behalf of the core—
a
hold property;
b
lease premises;
c
enter into contracts, including contracts of employment and contracts for the provision of services;
d
issue voting and non-voting shares;
e
borrow money;
f
incur liabilities.
6
But a protected cell company may not assume a risk from an undertaking on behalf of the core.