1. The Council shall, in accordance with the provisions of this [Members’ Compensation Scheme part of the Consolidated Requirements], maintain and administer a scheme, to be known as the ‘‘Members’ Compensation Scheme’’ (‘‘the scheme’’), for compensating individual members of the Society in respect of losses that satisfy the criteria as provided at Members’ Compensation Scheme: Eligibility for compensation.
The Members’ Compensation Scheme Panel
2. The Council shall establish a Members’ Compensation Scheme Panel (the “Panel”) to administer and determine on its behalf any application for compensation made under the scheme and to exercise and perform such of the Council’s powers and duties under the scheme and by such means as the Council may by special resolution determine
3. The Panel shall comprise not less than three individuals. The Chairman of the Panel shall be a qualified lawyer who is not a member of the Society or a member of Council. The other members of the Panel shall be nominated members of Council.