1. Subject to Lloyd’s Acts 1871 to 1982, the Council may prescribe such conditions and requirements to be satisfied or complied with as a condition of the grant of its approval of a relevant arrangement or a conversion scheme under paragraph [1. in Consolidated Requirements Part 2 > General Operational Matters > Conversion and Related Arrangements > Approval of relevant arrangements] as it may think fit, and may add to, alter or withdraw any condition or requirement so prescribed.
Conversion and Related Arrangements Byelaw, paragraph 5(1)
2. Without prejudice to the generality of [1. above], any conditions and requirements under [1. above]:
(a) may include the requirement for a person to act as the sponsor to the relevant arrangement;
(b) may include requirements as to the competence and suitability of such a sponsor;
(c) may include requirements as to the manner in which and time by which any application for approval under [paragraph 1. of Consolidated Requirements Part 2 > General Operational Matters > Conversion and Related Arrangements > Approval of relevant arrangements] shall be made;
(d) may include the requirement to complete applications, notices and other documents in the prescribed form;
(e) may include the requirement to execute and deliver or otherwise become a party to any prescribed form of deed, trust deed, contract, assignment, undertaking, mandate, authority, power of attorney, negotiable instrument or other document or instrument whatsoever;
(f) may include requirements as to the preparation of documents containing invitations to enter into relevant arrangements and as to the form and contents of any such document;
(g) may include requirements as to the categories of persons to whom any such invitation may be extended;
(h) may include requirements relating to the provision of any such certificates, confirmations, declarations, information, opinions or reports relating to any person who is to participate in any relevant arrangement as the Council may prescribe or approve;
(i) may include requirements relating to the financial position of any such person;
(j) may make provision as to the assets, liabilities and other matters to be taken into account in determining the financial position of any such person, and the extent to which and the manner in which they are to be taken into account, for the purposes of such conditions and requirements;
(k) may require any such person to hold assets of such descriptions and in such amounts or of such value as may be specified or determined in accordance with such conditions and requirements;
(l) may make provision for ensuring that, in such circumstances and to such an extent as may be specified, the assets of any such person are maintained in such places and held under such terms as may be specified.
Conversion and Related Arrangements Byelaw, paragraph 5(2)
3. Without prejudice to the generality of [1. above], any conditions and requirements prescribed under that sub-paragraph:
(a) may impose requirements which are absolute or which are to vary from time to time by reference to such factors as are specified in or determined in accordance with such conditions and requirements;
(b) may make different provision for different classes of members of the Society;
(c) may make different provision for corporate members and individual members;
(d) may specify circumstances in which a member of the Society is to be exempt from any such condition or requirement or may be excused from compliance with any such condition or requirement to such an extent as the Council may think fit;
(e) may contain incidental, supplementary and transitional provisions.
Conversion and Related Arrangements Byelaw, paragraph 5(3)
4. The Council shall have power to:
(a) prescribe the form and contents of any document referred to in this byelaw as being in the prescribed form;
(b) agree any amendments or variations to the prescribed form of transfer agreement (including any change in the parties thereto);
(c) prescribe requirements with respect to the investment of sums received by a transferee under an approved transfer agreement (or any part of them);
(d) prescribe dates on which any sums which under the terms of an approved transfer agreement are expressed to be payable on a prescribed date are to be so payable;
(e) prescribe requirements with respect to relevant advertisements for the purposes of [Consolidated Requirements Part 2 > General Operational Matters > Conversion and Related Arrangements > Relevant advertisements].
Conversion and Related Arrangements Byelaw, paragraph 5(4)
5. Any power conferred on the Council by any provision of this [Conversion and Related Arrangements section of the Consolidated Requirements] is in addition to, and shall not be construed as limiting or being limited by, any other power of the Council, whether conferred by any other provision of this byelaw or otherwise.
Conversion and Related Arrangements Byelaw, paragraph 5(5)