6A person wishing to apply for membership of the Company shall submit to the directors on the form prescribed by them a proposal for assurance and such further information, declaration, consent, accession or other undertaking as the directors may require. If the proposal is accepted by the directors (who shall have power to decline it or impose special terms or conditions without assigning any reason for so doing) the applicant shall, subject to regulation 5(2), become a member of the Company in respect of that assurance from the date of acceptance of the proposal by the directors or from the date on which the assurance comes into force on receipt by the Company of the first premium or otherwise, whichever date shall be the later.