5(1)Subject to paragraphs (2) and (3) of this regulation, persons who were members immediately before the appointed day and also all persons who shall become members in accordance with the regulations shall be members of the Company so long as they continue to comply with the conditions of membership prescribed by the regulations.
(2)Notwithstanding any provision of the regulations, where two or more persons are the persons assured in respect of any one policy, only one person shall be a member by virtue of that policy and that person shall be such one of the persons assured in respect of that policy as shall have been nominated from time to time by notice in writing signed by all persons assured in respect of that policy and given to the Company at its head office, or in the absence of any subsisting nomination the person assured or surviving person assured for the time being first named in the policy.
(3)Paragraph (2) of this regulation shall apply notwithstanding that, immediately before the appointed day, two or more persons were members in respect of one and the same policy.