1. The Society may provide the services referred to in [2. below] on the terms prescribed under this byelaw.
2. The services referred to in [1. above] are:
(a) a service for the accounting, netting and settlement of insurance transactions and the transfer of funds more particularly described in [Consolidated Requirements Part 2 > General Operational Matters > Central Accounting > Central Accounting System];
(b) any service incidental or relating to any of the foregoing services; and
(c) any other service which the Council considers it is in the interests of any of the persons referred to in [4. below] or any class of them to receive in conjunction with any of the foregoing services.
3. All or any of the services may be provided wholly or partly by electronic means and by the use of electronic documents.
4. The services may be provided to or on behalf of:
(a) the Society (in its capacity as principal payee or payor under insurance transactions or otherwise);
(b) any subsidiary of the Society;
(c) any member or group of members of the Society;
(d) any underwriting agent (including any substitute agent);
(e) any approved run-off company;
(f) any person pursuant to [paragraph 5. in Consolidated Requirements Part 2 > Core Activities and Roles > Underwriting > Underwriting] from or through whom a managing agent may accept business on behalf the members of a syndicate which it manages;
(g) [deleted]
(h) any trustee of any premiums trust deed or acting pursuant to any power under a trust deed; and
(i) any other person to whom the Council or any service provider agrees to provide a service.
5. The Society may provide any service to or on behalf of a participant whether that participant is acting, or appears to the Society to be acting, as:
(a) a principal;
(b) an agent for a person, whether or not that person is a participant; or
(c) a trustee or pursuant to powers under a trust deed, in either case whether or not the beneficiary of the trust concerned is, or where this is more than one, includes, another person referred to in [4. above].
Provided that in each of cases (b) and (c) the Society may treat such a trustee or agent as if it were a transacting principal in respect of the provision of the services and shall have no obligation to provide the services to, or claim unpaid amounts owed by an agent or trustee hereunder from, underlying principals or beneficiaries. The Society shall have a right to claim against any agent or trustee.
6. The Society may delegate the provision of all or any of the services referred to in [2. above] to any person on such terms and conditions as the Council thinks fit and/or may agree with another person that such other person may provide all or any of such services on the terms and conditions set out or referred to in this byelaw, on such terms and conditions as may be agreed with the Society (including, without limitation, in relation to the provision of information and assistance to the Society) or otherwise as the Council thinks fit. If agreed with the Society, any such person may provide any such services in the name of the Society and may, with prior written consent from the Council, sub-delegate or delegate (as the case may be) the provision of all or any of such services to another person on such terms as may be stipulated in the Council’s consent.
7. Nothing in [6. above] shall prevent any person (including, without limitation, any service provider) other than the Society from providing services to any person referred to in [4. above], on such terms as it may agree with that person provided such terms do not, without the Council’s prior written consent, amend, alter or make ineffective any of the terms and conditions on which the Society has agreed that the services referred to in [2. above] may be provided by such person, whether as a delegate or sub-delegate of the Society or otherwise.