230 Interpretation and commencement
Finance Act 1994 (1994 c 9) | Legislation

230  Interpretation and commencement

(1)     In this Chapter, unless the context otherwise requires—

“the 1993 Act” means the Finance Act 1993;

“ancillary trust fund”, in relation to a corporate member, does not include a [premium] trust fund but, subject to that, means any trust fund required or authorised by the rules of Lloyd's, or required by a members' agent or regulating trustee of the corporate member;

“closing year”—

(a)     in relation to an underwriting year, means the underwriting year next but one following that year; and

(b)     in relation to a syndicate, means the closing year of the underwriting year for which it was formed;

“corporate member” means a body corporate which is a member of Lloyd's and is or has been an underwriting member;

“inspector” includes

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