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APPENDIX 5: LLOYD’S PREMIUMS TRUST DEED (GENERAL BUSINESS) PTD G2010

Lloyd's: Law and Practice

APPENDIX 5:

LLOYD’S PREMIUMS TRUST DEED (GENERAL BUSINESS) PTD G2010

LLOYD’S PREMIUMS TRUST DEED (GENERAL BUSINESS) PTD G2010

CONTENTS
Clause Page
1. Commencement and Interpretation 531
2. Constitution of the Trust Fund 531
3. Declaration of Trust and Application of the Trust Fund 532
4. Powers of the Council (including power to revoke or vary) 532
5. Special Trust Funds 533
6. Appointment and removal of Trustees 534
7. Vesting of the Trust Fund 535
8. Central Accounting system and payments through Lloyd’s Brokers or other intermediaries 536
9. Auction Proceeds 537
10. Coverholders 537
11. Central Syndicate Sub-Fund 538
12. Rights of Recovery 538
13. Manner and order of application of the Trust Fund 540
14. Transfers 540
15. Distributions out of Trust 541
16. Application of income of the Trust Fund 542
17. Termination of the Trust 542
18. Nominees and custodians 542
19. Delegation 543
20. Bank accounts and blending 544
21. Investment and laying out of the Trust Fund 545
22. Deposits and loans free of interest or on special terms guarantees and letters of credit 546
23. Power to borrow and give security for Member’s borrowings 547
24. Provisions supplementary to clauses 21 to 23 547
25. Purchase and holding of tangible fi xed assets 548
26. Netting agreements 548
27. Termination of the agency of a Managing Agent 548
28. Persons in whom discretions are vested 549
29. Exercise of discretions 550
30. Self-dealing 550
31. Rights of policyholders to claim on the Trust Fund 551
32. No partnership 551
33. Evidence on which Trustees may act 552
34. Protecting provision 552
35. Inconsistencies with other agreements 552 36. Electronic communications 553
37. English law 553
38. English jurisdiction 553
SCHEDULE 1 553
Interpretation 553
SCHEDULE 2 561
The Trust Fund 561
SCHEDULE 3 563
Permitted Trust Outgoings 563

LLOYD’s PREMIUMS TRUST DEED (general business) PTD G2010

THIS TRUST DEED is made the

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