ICs are allowed to migrate in and out of their RICC and either relocate to another host RICC or establish themselves as separate independent investment schemes.
Characteristics of an Incorporated Cell (IC) Fund
An IC is a limited liability company with separate legal personality. An IC is however not necessarily a subsidiary of its RICC (a RICC is only obliged to subscribe to one share of the IC, but may subscribe to more). An IC may not be a RICC, but is either a SICAV or a SICAF, each duly licensed as a collective investment scheme or fund.
In order to benefit from the advantages of a RICC an IC should use the standard forms provided by its RICC and it should not amend such documents without the prior written approval of the RICC. It is however possible to tailor such agreements to the specific needs.
RICCs and ICs, by virtue of this status alone, cannot enter into transactions on behalf of each other. The provisions of the Companies Act and of the Investment Services Act apply to RICCs and ICs.