1. A transition arrangement may be effected under a transfer agreement in the prescribed form by which a member of the Society agrees to transfer his underwriting business at Lloyd’s (other than that relating to any closed year of account) to a corporate member.
Conversion and Related Arrangements Byelaw, paragraph 4(1)
2. For the purpose of section 8(3) of Lloyd’s Act 1982, each of a transferor and transferee may respectively place and accept an approved transfer agreement through and from a members’ agent which is a party to that agreement.
Conversion and Related Arrangements Byelaw, paragraph 4(2)
3. Paragraph 3 of the Agency Agreements Byelaw (No. 1 of 1985), paragraph 5 of the Agency Agreements Byelaw (No. 8 of 1988) and paragraph 18 of the Membership Byelaw shall not prevent a member of the Society or an underwriting agent from entering into an approved transfer agreement.
Conversion and Related Arrangements Byelaw, paragraph 4(3)
4. No person who is party to an approved transfer agreement shall without the written consent of the Council vary or agree to vary any term of that approved transfer agreement.
Conversion and Related Arrangements Byelaw, paragraph 4(4)
5. Any agreement or arrangement (whether or not collateral to the approved transfer agreement concerned) which has the effect of varying any term of an approved transfer agreement (whether by altering the discretions, duties, rights or responsibilities of any of the parties or otherwise and including any agreement or arrangement to delay enforcing or not to enforce a term of an approved transfer agreement) shall for the purposes of [1. above] be treated as a variation of a term of the approved transfer agreement concerned.
Conversion and Related Arrangements Byelaw, paragraph 4(5)
6. The Council may vary or amend any of the provisions of any approved transfer agreement by notice in writing to the parties to the agreement concerned.
Conversion and Related Arrangements Byelaw, paragraph 4(6)