Part XIX Lloyd’s
Power to apply Act to Lloyd’s underwriting
I1318 Exercise of powers through Council.
1
The Authority may give a direction under this subsection to the Council or to the Society (acting through the Council) or to both.
2
A direction under subsection (1) is one given to the body concerned—
a
in relation to the exercise of its powers generally with a view to achieving, or in support of, a specified objective; or
b
in relation to the exercise of a specified power which it has, whether in a specified manner or with a view to achieving, or in support of, a specified objective.
3
“Specified” means specified in the direction.
4
A direction under subsection (1) may be given—
a
instead of giving a direction under section 316(1); or
b
if the Authority considers it necessary or expedient to do so, at the same time as, or following, the giving of such a direction.
5
A direction may also be given under subsection (1) in respect of underwriting agents as if they were among the persons mentioned in section 316(1).
6
A direction under this section—
a
does not, at any time, prevent the exercise by the Authority of any of its powers;
b
must be in writing.
7
A direction under subsection (1) must be published in the way appearing to the Authority to be best calculated to bring it to the attention of the public.
8
The Authority may charge a reasonable fee for providing a person with a copy of the direction.
9
The Authority must, without delay, give the Treasury a copy of any direction which it gives under this section.