Definitions
1. In this Schedule -
'sub-fund' means a separate portfolio of assets maintained by a general partner of an investment limited partnership for and on behalf of one or more limited partners in accordance with the partnership agreement;
'umbrella fund' means an investment limited partnership which is divided into a number of sub-funds.
General
2. Where an investment limited partnership is established as an umbrella fund, the assets shall belong exclusively to the partners holding interests in a relevant sub-fund and shall not be used to discharge directly or indirectly the liabilities of, or claims against, any other sub-fund and shall not be available for any such purpose. The general partner may in its absolute discretion operate, establish or designate classes of interest with differing rights and obligations for accounting purposes or otherwise within the investment limited partnership.
Segregated liability of investment limited partnership sub-funds
(1) Notwithstandin
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