Section 218Part 14 — Segregated Portfolio Companies
Company to act on behalf of portfolios
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Any act, matter, deed, agre ement, contract, instrument under seal or other instrument or arrangement which is to be binding on or to enure to the benefit of a segregated portfolio shall be executed by the segregated portfolio company on behalf of such segregated portfolio which shal l be identified or specified, and such execution shall specify that it is in the name of, or by, or for the account of, such segregated portfolio.
If a segregated portfolio company is in breach of subsection (1) the directors shall, forthwith upon beco ming aware of the breach —
make any necessary enquiries to determine the correct segregated portfolio to which the relevant act, matter, deed, agreement, contract, instrument under seal or other instrument or arrangement should be attributed;
make the correct attribution; and
not ify in writing all persons who are party to the act, matter, deed, agreement, contract, instrument under seal or other instrument or arrange ment that was executed, or who may be adversely affected by any such attribution , of that attribution and the parties ’ rights under subsection
. ( 3 ) Any person notified under subsection (2)(c) (or wh o should have been so notified) who objects to an attribution by the directors under subsection (2) may, within thirty days of receivi ng written notice under that subsection in the case of persons who received such notice, apply to the Court by petition for a re - attribution; and the Court may, upon hearing the petition and taking account of the intention of the parties and such other fac tors as are deemed relevant by it, order that the act, matter, deed, agreement, contract, instrument under seal or other instrument or arrangement be deemed to be attributable to a particular segregated portfolio or portfolios or to the general assets (if applicable in particular proportions or on a particular basis) and may make such ancillary orders as may be just and equitable in the case.
Any indemnity given by a segregated portfolio company in favour of a director in respect of a liability incurred by such director on behalf of a segregated portfolio shall only be enforceable against the assets of the segregated portfolio in respect of which such liability arose.