Textual Amendments
F1Sch. 20A inserted (22.7.2004) by Finance Act 2004 (c. 12), Sch. 25 para. 3
6(1)This Part of this Schedule applies if the following conditions are satisfied.U.K.
(2)Condition 1 is that—
(a)a member gives notice of his resignation from membership of Lloyd’s in accordance with the rules or practice of Lloyd's,
(b)in accordance with such rules or practice, the member does not undertake any new insurance business at Lloyd’s after the end of the member’s last underwriting year, and
(c)the member does not withdraw that notice.
(3)Condition 2 is that all of the member’s outstanding syndicate capacity is disposed of by the member under a conversion arrangement to a successor partnership (“the syndicate capacity disposal”) with effect from the beginning of the underwriting year next following the member’s last underwriting year.
(4)Condition 3 is that the member is the only person who disposes of syndicate capacity under a conversion arrangement to the successor partnership.
(5)Condition 4 is that the successor partnership starts to carry on its underwriting business in the underwriting year next following the member’s last underwriting year.
(6)In this paragraph “the member’s last underwriting year”, in relation to a member who gives notice of his resignation from membership of Lloyd's, means the underwriting year during which, or at the end of which, he ceases to be an underwriting member and becomes a non-underwriting member in accordance with the rules or practice of Lloyd's.
(7)In this paragraph “outstanding syndicate capacity”, in relation to a member, means the syndicate capacity of the member other than any which—
(a)the member disposes of to a person other than a successor member at or before the end of the member’s last underwriting year, or
(b)ceases to exist with effect from the end of that year.]