Paragraph 1 I1

(1)

The articles of association of a reclaim fund must make provision—

(a)

allowing it to defray its expenses out of its income, but

(b)

preventing the defraying of expenses that are unreasonable, or to the extent that they are unreasonable.

(2)

For the purposes of this paragraph “expenses” includes, in particular, the costs of—

(a)

paying fees or remuneration to any member, officer, employee or other person for services provided to the reclaim fund in connection with the carrying out of its functions;

(b)

reimbursing any person incurring costs in relation to services provided in connection with the formation of the fund.

Annotations

Commencement

I1: Sch. 1 para. 1 in force at 12.3.2009 by S.I. 2009/490, art. 2 (with art. 3(2))