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SCHEDULE 3U.K.PROVISIONS APPLYING TO AGGREGATE ACCOUNTS

PART 2 U.K.AUDITORS

Removal of auditors on improper groundsU.K.

8.—(1) Where an auditor of the aggregate accounts is removed from office, an application may be made to the High Court under this paragraph.

(2) The persons who may make such an application are—

(a)any member of the Society of Lloyd's; or

(b)the Authority.

(3) Where the Court is satisfied that the removal was—

(a)on grounds of divergence of opinion on accounting treatments or audit procedures; or

(b)on any other improper grounds,

it may make such order as it thinks fit for giving relief in respect of the removal.

(4) The Court may, in particular—

(a)declare that any decision to remove an auditor, or to appoint a new auditor in place of the auditor, is void;

(b)require the members of the Society of Lloyd's to re-appoint the auditor; or

(c)give directions as to the conduct of the Council of Lloyd's affairs in the future.