Rights of subrogation
1. Where compensation is paid to a member under the scheme the Society shall be subrogated, to the extent of the amount of the compensation payment paid to the member, to any rights and remedies of that member in relation to the loss or failure to account in respect of which it is paid, and shall be entitled, upon giving him a sufficient indemnity against costs, to require him to sue in his own name but on behalf of the Society for the purpose of giving effect to the Society’s rights and to permit the Society to have the conduct of the proceedings
2. The Council may require a member to whom compensation is paid under the scheme to sign an undertaking to prove or rank, if required, in the liquidation or bankruptcy (as the case may be) of the underwriting agent concerned, together with a further undertaking to comply with all proper requirements of the Council in exercise of subrogated rights under [1. above].
3. Sums recovered by the Society under [1. above] shall be applied to the New Central Fund.
Annual Report
4. The Council shall report on the scheme each year in the Annual Report and Accounts of the Society.
Claims relating to 1992 and earlier years of account
5. No member shall be eligible for compensation under the scheme in respect of any liability to the extent that such liability relates to the 1992 year of account or any earlier year of account.