Lloyds: 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 BETWEEN- (1)(“the Member”) and
- (2) THE SOCIETY incorporated by Lloyd’s Act 1871 by the name of LLOYD’s (“Lloyd’s”)
WHEREAS –