1. In connection with an approved conversion arrangement, the Council may effect, join in effecting or approve any variation or modification of:
(a) the trusts, powers and other terms and conditions on or subject to which any money or property constituting funds at Lloyd’s of a member of the Society are or have been held;
(b) the requirements of the Council relating to the provision of funds at Lloyd’s and to overall premium limits and member’s syndicate premium limits.
Conversion and Related Arrangements Byelaw, paragraph 6(1)
2. Without limiting the generality of [1. above], any variation or modification which the Council effects, joins in effecting or approves under [1. above] may have the effect that:
(a) money or other property constituting funds at Lloyd’s of a member of the Society is to be or may be applied in or towards the discharge of liabilities or expenses of a corporate member, whether or not such money or property continues to be applicable in or towards the discharge of liabilities or expenses of the first mentioned member of the Society;
(b) money or other property which constitutes or has constituted funds at Lloyd’s of a member of the Society may be treated or taken into account as funds at Lloyd’s of a corporate member for such purposes, in such manner and to such an extent as may be specified.
Conversion and Related Arrangements Byelaw, paragraph 6(2)