PART 4Protected Cell Companies
CHAPTER 7Dealings with third parties
Terms implied into contracts79
1
This regulation applies where—
a
a protected cell company enters into a contract with a person; and
b
the person may assert a right under the contract against the protected cell company in respect of a part of the protected cell company (“part A”).
2
The following terms are implied into the contract—
a
the person may only assert that right in respect of part A;
b
the person waives any right that the person may have to make a claim which—
i
arises under the law of a country or territory other than the United Kingdom; and
ii
entitles the person to assert that right in respect of any part of the protected cell company other than part A;
c
if the person obtains property from the protected cell company by asserting that right in respect of a part of the protected cell company other than part A, then the person—
i
will transfer the property to the protected cell company to hold on behalf of that other part without delay; and
ii
holds the property on trust for the benefit of that other part until the transfer takes effect.
3
A provision, whether contained in the instrument of incorporation, a contract or otherwise, is void to the extent that it purports to waive or limit the effect of the implied terms referred to in paragraph (2).