Bermuda P&I Class Rules 2001/2002 - The Standard Club

Investment
15.12.1 The funds of the Club may be invested by the Board by means of the
purchase of such stocks, shares, bonds, debentures or other securities or
the purchase of such currencies, commodities, or other real or personal
property, or by means of being deposited in such accounts as the Board
may think fit.The funds of the Club may also be invested in any other
way the Board may approve.
15.12.2 Unless the Board otherwise decides, all the funds standing to the credit
of any Policy Year or of any reserve or account shall be pooled and
invested as one fund.
15.12.3 When funds are pooled as provided in paragraph 15.12.2 above, the
investment income arising on the pooled funds (taking into account any
capital gains or losses) shall be apportioned among and between the
different Policy Years, reserves and accounts from which the fund or
funds, so invested, originated, in such manner as to ensure so far as
possible that each is credited with a proportion of such income
corresponding to the proportion which the amount standing to the
credit of the Policy Year, reserve or account over the period during
which the income arose bears to the total of the pooled funds over the
same period.
15.12.4 Without prejudice to paragraph 15.12.3 of this Rule, the Board may
direct that after the closing of any Policy Year that year shall not be
credited with any share of the apportionments made under that
paragraph and that its share shall instead be credited to any reserve or
account maintained by the Club.
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Reinsurance
15.13 The Club may continue to be a party to the Pooling Agreement, or to
any other agreement of a similar nature or purpose.
15.14 The Managers shall have the right in their discretion to effect on behalf
of the Club the reinsurance or ceding of any risks insured by the Club
(including any risk which may fall on the Club by reason of the Pooling
Agreement) with such reinsurers and on such terms as the Managers shall
consider appropriate.