Regulation 18 Effect of amendment of constitution on membersI1

A member of a CIO (“M”) is not bound by an amendment to its constitution after the date on which M became a member, if that amendment increases in any way M’s liability to contribute to the CIO’s assets if it is wound up.

Paragraph (1) does not apply if M agrees in writing, either before or after the amendment is made, to be bound by the amendment.