(1) Every umbrella fund to which section 256A applies shall be required to include the words "An umbrella fund with segregated liability between sub-funds" in all its letterheads and in any agreement entered into in writing with a third party, and shall be obliged to disclose that it is a segregated liability umbrella fund to any third party with which it enters into an oral contract.
(2) There shall be implied in every contract, agreement, arrangement or transaction entered into by an umbrella fund to which section 256A 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 part of a liability which was not incurred on behalf of that sub-fund,
(b) if any party contracting with the umbrella fund shall succeed by any means whatsoever or wheresoever in ha