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The name of a cell company which is formed or constituted (or converted from an existing company) to conduct shipping or aviation business shall by necessity include the expression “Mobile Assets Protected Cell Company”, or “MAPCC” (now on referred to as “MAPCC“).
A Cell Company – is a Malta company formed or converted into a cell company and creating within itself one or more cells to segregate and protect the cellular assets of the company.
It shall be the responsibility of the directors of a cell company to keep:
Furthermore, the MAPCC is obliged to inform third parties that they are dealing with a cell company.
Cell Shares means shares created and issued by a cell company in respect of one of its cells. The proceeds of the issue have cellular assets attributable to that cell.
Cellular dividends may be paid in respect of cell shares by reference only to the cellular assets and liabilities, or the profits attributable to the cell.
When determining whether or not profits are available for issuing a cellular dividend, no account shall be taken of:
Furthermore, where any liability arises which is attributable to a specific MAPCC cell, only the cellular assets identifiable to that cell may be used to settle that liability. A creditor of a cell company shall not have any rights other than the rights referred to in this regulation.
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