Section 130S

assets representing the consideration paid or payable for the issue of the protected cell shares and reserves attributable to the protected cell; and

all other assets attributable or held within the protected cell.

maintain separate records for cell assets and keep the cell assets held for each cell separate from cell assets held for other such cells and from general assets; and

arrange proper protection of cell assets, both as between cells and in respect of general assets, by way of segregation and clear identification.

156 Laws of Malaysia ACT 441

included the directors who are appointed to manage the affairs of a particular cell or cells;

has appointed a committee to undertake its duties in relation to a particular cell or cells;

has caused or permitted the cell assets or general assets, or a combination of both, to be collectively invested or collectively managed by an investment manager; or

has caused or permitted the cell assets and general assets to be held by or through a nominee or trustee:

Provided that the assets in question remain separately identifiable according to subsection (3).

each director and officer in contravention, as the case may be, shall incur personal liability for any loss or damage as consequence of the contravention; and

each such director and officer shall severally have a right of indemnity against the general assets of the Labuan protected cell company, unless he was fraudulent, reckless, or acted in bad faith.

Cell shares and cell share capital