(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