SCHEDULES
SCHEDULE 4COMMISSIONER: FURTHER PROVISION
Financial Prudence
6
1
The Commissioner shall, in relation to any liability which the Commission may be required to discharge under paragraph 4, 5 or 9(b) or (c), consult the Commission and must do so—
a
if reasonably practicable, before incurring the liability in question,
b
if not, as soon thereafter as is reasonably practicable.
2
The Commissioner's duty to consult the Commission under sub-paragraph (1) may be discharged in relation to a particular liability either—
a
by providing the Commission with particulars of the liability in question, or
b
by notifying the Commission that liabilities may be incurred of such description and maximum total amount as may be specified in the notification.
3
The Commissioner shall have regard to any representations which the Commission may make when consulted under sub-paragraph (1).