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Section K: Premiums
18.1 - Premium
A member who has a unit entered in the club shall pay a fixed premium in an amount agreed between the member and the managers
Where, for any reason, a return of premium is due, then unless a member notifies and submits his claim for reimbursement in writing within three months, no allowance or return shall be made unless the managers otherwise determine.
19.1.1 - Payment
Any premium or other sums due shall be designated in such currency, and be payable in such manner and at such time, as the managers may specify. If any sum due is not paid on the specified date, time being of the essence, such member shall pay interest on the amount outstanding from that date until the date of payment at such rate as the board determines. The managers may, however, waive payment of interest in whole or in part.
Where a member has appointed a broker, the broker is the agent of the member. Payments of premium and other sums due to the club shall not be considered received by the club until actually received by it, and payment by the member to his broker or other intermediary shall not constitute payment to the club.
Where the member has appointed a broker, payment by the club to the broker of sums due to the member shall constitute payment to the member. Any such payment shall fully discharge the club’s liability to the member in respect of such sums.
19.2 - Lien
The club is entitled to, and the member grants, a lien on the unit in respect of any amount owed by the member to the club.
19.3 - Reserves
The board may:
- establish and maintain such reserves or other accounts as it thinks fit;
- transfer any sum standing to the credit of any policy year to any reserve;
- apply the sums in any reserve for any purpose and may at any time transfer sums from one reserve to another.
19.4 - Investment
The funds of the club may be invested in any way the board may determine.
Unless the board otherwise determines, all funds relating to any policy year or reserve shall be pooled and invested as one fund.
The board may apply investment returns to any policy year or reserve as it thinks fit.