37. (1) Without prejudice to the other provisions of this Chapter, a sub-fund of an umbrella fund is not a legal person separate from that umbrella fund, but an umbrella fund may sue and be sued in respect of a particular sub-fund and may exercise the same rights of set-off, if any, as between its sub-funds as apply at law in respect of an ICAV and the property of a sub-fund is subject to orders of the High Court as it would have been if the sub-fund were a separate legal person.

(2) Nothing in this Chapter shall prevent the application of any enactment or rule of law which would require the application of the assets of any sub-fund in discharge of some or all of the liabilities of any other sub-fund on the grounds of fraud or misrepresentation.

(3) A sub-fund may be wound up as if the sub-fund were a separate ICAV but, in any such case, the appointment of the liquidator or any provisional liquidator and the powers, rights, duties and responsibilities of the liquidator or any provisional liquidator shall be confined to the sub-fund or sub-funds which is or are being wound up.

(4) For the purposes of subsection (3), all references in enactments relating to the winding up of an ICAV to one of the following words shall be read as follows:

(a) “ICAV” shall be read as referring to the sub-fund or sub-funds which is or are being wound up;

(b) a “member” or “members” shall be read as referring to the holders of the shares in that sub-fund or sub-funds;

(c) “creditors” shall be read as referring to the creditors of that sub-fund or sub- funds.