1. In relation to a person who on 1st April 1998 was entitled to participate in the syndicate for the 1999 year of account with a member’s syndicate premium limit not less than 75% of the syndicate allocated capacity of that syndicate for the 1999 year of account, paragraph 2(1) of this byelaw shall not apply if:
(a) on 1st April 1999 that person was entitled to participate in that syndicate for the 2000 year of account with a member’s syndicate premium limit not less than 75% of the syndicate allocated capacity of that syndicate for the 2000 year of account (such proportion at that date being referred to as the ‘‘initial 2000 share’’) and
(b) after 1st April 1999 that person has not become or does not become entitled to participate in that syndicate for the 2000 year of account or any subsequent year of account with a member’s syndicate premium limit which as a proportion of the syndicate allocated capacity of that syndicate for that year of account is greater than the initial 2000 share.
2. In relation to an associated group, if:
(a) on 1st April 1998, any member of that associated group was entitled to participate in the syndicate for the 1999 year of account with a member’s syndicate premium limit not less than 75% of the syndicate allocated capacity of that syndicate for the 1999 year of account; and
(b) on 22nd July 1998, the members of that associated group were entitled to participate in the syndicate for the 1999 year of account with member’s syndicate premium limits in aggregate not less than 75% of the syndicate allocated capacity of that syndicate for the 1999 year of account,
sub-paragraph 2(2) of this byelaw shall not apply only if:
(c) on 1st April 1999 that associated group was entitled to participate in that syndicate for the 2000 year of account with member’s syndicate premium limits in aggregate not less than 75% of the syndicate allocated capacity of that syndicate for the 2000 year of account (such proportion at that date being referred to as the ‘‘initial 2000 share’’); and
(d) after 1st April 1999 that associated group has not become or does not become entitled to participate in that syndicate for the 2000 year of account or any subsequent year of account with member’s syndicate premium limits which in aggregate as a proportion of the syndicate allocated capacity of that syndicate for that year of account are greater than the initial 2000 share.
3. In relation to an associated group, if:
(a) on 1st April 1998, any member of that associated group was entitled to participate in the syndicate for the 1999 year of account with a member’s syndicate premium limit not less than 75% of the syndicate allocated capacity of that syndicate for the 1999 year of account; and
(b) on 22nd July 1998, the members of that associated group were entitled to participate in the syndicate for the 1999 year of account with member’s syndicate premium limits in aggregate not less than 90% of the syndicate allocated capacity of that syndicate for the 1999 year of account,
sub-paragraph 2(2) of this byelaw shall apply only if there was or is after 22nd July 1998 an increase in the aggregate amount of the member’s syndicate premium limits with which that associated group was or will be entitled to participate in that syndicate for the next following year of account or any subsequent year of account.
4. In relation to an associated group, if:
(a) on 1st April 1998, no member of that associated group was entitled to participate in the syndicate for the 1999 year of account with a member’s syndicate premium limit not less than 75% of the syndicate allocated capacity of that syndicate for the 1999 year of account; and
(b) on 22nd July 1998, the members of that associated group were entitled to participate in the syndicate for the 1999 year of account with member’s syndicate premium limits in aggregate not less than 75% of the syndicate allocated capacity of that syndicate for the 1999 year of account,
sub-paragraph 2(2) of this byelaw shall apply only if there was or is after 22 July 1998 an increase in the aggregate amount of the member’s syndicate premium limits with which that associated group was or will be entitled to participate in that syndicate for the next following year of account or any subsequent year of account.
Mandatory Offer Byelaw, Schedule 3