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Rule 31 Closing of Policy Years
The Directors shall with effect from such date after the end of each Policy Year as they think fit declare that such Policy Year shall be closed.
If upon the closing of any Policy Year or at any time thereafter the aggregate of the Contributions, Premiums and other receipts paid and payable for that Policy Year shall be found to exceed the aggregate of claims, expenses, outgoings, transfers to reserves and provisions referred to in Rule 24, the excess shall be disposed of by being brought forward to the next open Policy Year and made available for the payment of claims, expenses, outgoings, transfers to reserves and provisions arising in respect of that Policy Year. PROVIDED ALWAYS that: the Directors may order that the excess or any part thereof may be returned to the Insured Owners insured for the relevant Policy Year and, if the Directors shall so decide, the excess or part thereof shall be returned to such Insured Owners in such proportions and having regard to such considerations as the Directors shall determine and the decision of the Directors with regard thereto shall be conclusive and binding upon all Insured Owners.