Changes affecting a member

Consent to changes

1. The Council may from time to time prescribe events which no member shall cause or permit to occur without the prior consent of the Council.

Membership Byelaw, paragraph 27

2. No member shall knowingly permit any of the following events to occur without the prior written consent of the Council –

(a) the acquisition of any interest in securities of another corporate member, a controller of a corporate member, Lloyd’s broker or underwriting agent provided that a member may acquire an interest in securities of another corporate member where the acquisition is the consequence of accepting an invitation to participate in a surrender arrangement or share swap arrangement which complies with the requirements made under paragraph (5)(1) of the Conversion and Related Arrangements Byelaw (No. 22 of 1996) for the time being in force

(b) a change in the controller of the member;

(c) the appointment of a director of the member;

(d) a merger between the corporate member and another body corporate; 

(e) the appointment of a corporate member as a director of another corporate member.

Requirements made under the Membership Byelaw, paragraph 7

Advance consents

3. The Council may from time to time waive any requirement of the Council that a member obtain the consent of the Council to any matter provided that the member complies with such conditions and requirements as the Council may prescribe in respect of that matter.

Membership Byelaw, paragraph 28

Notification of changes

4. The Council may from time to time prescribe events which a member shall notify to the Council in writing should such an event occur. The Council may prescribe a period in which each such prescribed event must be notified.

Membership Byelaw, paragraph 29

5. A member shall without delay notify the Council in writing if any of the following events occur –

(a) in the case of an individual member –

(i) a change of his address; 

(ii) a decision to change his nationality;

(b) in the case of a corporate member –

(iii) a director ceases to be a director;

(iv) it becomes aware that a person has ceased or is proposing to cease to be a controller of that member; 

(v) the appointment of an auditor; 

(vi) the auditor of the corporate member vacates office, in which case the corporate member shall also provide a copy of any notice given or representations or statements made by the auditor (under the Companies Act 1985 or otherwise) on or in connection with the auditor vacating office;

(vii) a decision to change the date to which the accounts of the corporate member are prepared;

(viii) any change to the corporate member’s memorandum and articles of association;

(ix) any reduction in the corporate member’s issued share capital; 

(x) a decision to appoint an agent, or terminate the appointment of an agent appointed by the member, for service of notices under [paragraph 5. in Consolidated Requirements Part 2 > Core Activities and Roles > Members > Miscellaneous provisions]; 

(c) in the case of any members – 

(xi) a material change in the information provided to the Council in connection with any application by that member for membership or in connection with a review under paragraph 35 of the Membership Byelaw of that member and not required to be disclosed under any other provision of this paragraph;

(xii) an insolvency event;

(xiii) the member or director of the member or any controller or director of or partner in any controller of the member or, in relation to a Scottish limited partnership, a general partner, director of a general partner or a controller of a general partner or a management company being convicted of a reportable criminal offence by a court in the United Kingdom or elsewhere, in which case the member shall also provide full details of the offence and any sentence that was imposed.

Requirements made under the Membership Byelaw, paragraph 8