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.