Ability to levy
1. The Council may, where it considers it appropriate or necessary, levy contributions from some or all underwriting agents and underwriting members of the Society, and in such proportions as it considers appropriate, to reimburse some of all of any payments made from the New Central Fund in accordance with 9. in Members’ Compensation Scheme: Determination of the application.
2. Any levy imposed under [1. above] may only be imposed on
(a) managing agents accepting risks on behalf of a syndicate for the year of account corresponding to the year that any payment is made from the New Central Fund under 9. in Members’ Compensation Scheme: Determination of the application,
(b) underwriting members accepting risks for the year of account corresponding to the year that any payment is made from the New Central Fund under paragraph 26 of this Byelaw, and
(c) members’ agents acting on behalf of underwriting members referred to in (b),
and may (as Council shall determine, but without prejudice to the full width of its discretion under paragraph 28) have reference to managing agents’ respective aggregate syndicate allocated capacities, members’ agents’ respective aggregate allocated overall premium limits and underwriting members’ allocated overall premium limit, for that year.
Collection of levy
3. The Council shall as soon as is practicable by written notice to every underwriting agent or member eligible to be levied pursuant to [2.] above specify the sum required from that underwriting agent or member pursuant to [1. above] by way of contribution for the compensation payment and the notice shall state the date by which that amount is payable.