SCHEDULE 1SYNDICATE ACCOUNTS
PART 3AUDITORS
Term of office of auditors of syndicate14
1
An auditor of a syndicate holds office in accordance with the terms of his or her appointment, subject to the requirements that—
a
the auditor does not take office until any previous auditor ceases to hold office; and
b
the auditor ceases to hold office at the end of the next period for appointing auditors unless re-appointed.
2
Where no auditor has been appointed by the end of the next period for appointing auditors, any auditor in office immediately before that time is deemed to be re-appointed at that time, unless—
a
Lloyd's byelaws require actual re-appointment;
b
the deemed re-appointment is prevented by the members of the syndicate under paragraph 15; or
c
the members of the syndicate have resolved that the auditor should not be re-appointed.