1. Subject to [11. below], every managing agent shall in each year, in respect of each syndicate managed by it at 31 December of the preceding year in which a corporate member participates other than as the sole member of that syndicate, prepare a syndicate report containing such accounting information as the Council may from time to time specify (the “Schedule 9A data”).
2. The syndicate report shall be made up to the reference date.
3. Every managing agent shall procure that every syndicate report prepared by it under [1. above] be audited and reported upon by the syndicate auditor of the syndicate to which it relates.
4. The syndicate auditor shall make a report on every syndicate report audited by him to the corporate members of the syndicate in respect of which the syndicate report is prepared.
5. The report prepared under [4. above] shall state whether in the opinion of the syndicate auditor the syndicate report has been properly prepared in accordance with such requirements as the Council may specify from time to time.
6. Every managing agent shall send to the Society a copy of every syndicate report prepared by it under [1. above] together with the syndicate auditor’s report which relates to that syndicate report by such date and in such form and manner as the Council may from time to time specify.
7. Subject to [8. below], the Society shall, by such date as the Council may specify, send to every corporate member concerned a statement showing, in respect of every syndicate in which that member participates and in respect of which a syndicate report has been received by the Society, that member’s share of the Schedule 9A data contained in that report.
8. The Society shall not be obliged to send to a corporate member a statement under [7. above] unless the Society has received from the corporate member by such date as the Council may from time to time specify -
(a) a request in writing from that member for such a statement; and
(b) payment of such sum in respect of or on account of such fees as the Council may from time to time specify.
9. Every corporate member that makes a request for a statement under [9. above] shall pay to the Society such fees as the Council may from time to time specify in connection with the preparation and provision of such statement.
10. The Council may grant to a managing agent such dispensation from the requirements of this paragraph as it considers appropriate.
11. The provisions of this paragraph shall not apply in relation to a syndicate consisting only of a single corporate member.