(1) Notwithstanding any statutory provision or rule of law to the contrary, but subject to subsection (2), any liability incurred on behalf of or attributable to any sub-fund of an umbrella fund shall be discharged solely out of the assets of that sub-fund, and no umbrella fund nor any director, receiver, examiner, liquidator, provisional liquidator or other person shall apply, nor be obliged to apply, the assets of any such sub-fund in satisfaction of any liability incurred on behalf of or attributable to any other sub-fund of the same umbrella fund, whether such liability was incurred before, on or after the date this section commences.
(2) Subsection (1) shall not apply to an umbrella fund which was authorised and commenced trading prior to the date this section commences unless:
(a) the members of the umbrella fund shall have resolved by special resolution that the provisions of subsection (1) should apply to that umbrella fund, and
(b) the special resolution has taken effect