(1) An umbrella fund to which section 1405(1) applies shall -
(a) ensure that the words "An umbrella fund with segregated liability between sub-funds" are included in all its letterheads and in any agreement entered into by it in writing with a third party; and
(b) disclose to a third party that it is a segregated liability umbrella fund before it enters into an oral contract with the third party.
(2) If an umbrella fund fails to comply with subsection (1)(a) or (b), the umbrella fund and any officer of it who is in default shall be guilty of a category 3 offence.
(3) There shall be implied in every contract, agreement, arrangement or transaction entered into by an umbrella fund to which section 1405(1) applies the following terms, that:
(a) the party or parties contracting with the umbrella fund shall not seek, whether in any proceedings or by any other means whatsoever or wheresoever, to have recourse to any assets of any sub-fund of the umbrella fund in the discharge of all or any p
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