7(1)The arrangements must provide that, on the member ceasing to carry on his underwriting business, whether by reason of death or otherwise, the amount of his special reserve fund, so far as not required for giving effect to the requirements of paragraph 4 or 5 above, shall be paid over to the member or his personal representatives or assigns.U.K.
(2)For the purposes of sub-paragraph (1) above, a payment of an amount shall be in money or [F1in assets forming part of the fund] or both, as the member or his personal representatives or assigns may direct.
Textual Amendments
F1Words in Sch. 20 para. 7(2) substituted (3.5.1994 with effect for the year 1992-93 and subsequent years of assessment) by 1994 c. 9, s. 228, Sch. 21 para. 12(2)(3)