4.1 Members of Lloyd’s are not shareholders in Lloyd’s, which has no share capital, but they would be entitled to share equally in any surplus of its assets on a winding up.1 Lloyd’s exists primarily for the purpose of their carrying on their insurance businesses2 (not the business of their managing agents). Membership of Lloyd’s is governed primarily by Lloyd’s Act 1982, the Membership Byelaw (No. 5 of 2005), and various series of requirements made under paragraph 40 of that byelaw, which empowers the Council at any time to “give such directions or impose such conditions or requirements on any member (or any class or group thereof) as it thinks reasonably necessary or appropriate”.