Section 324 Interpretation of this Part.

In this Part—

• “arranging deals”, in relation to the investments to which this Part applies, has the same meaning as in paragraph 3 of Schedule 2;

• “former underwriting member” means a person ceasing to be an underwriting member of the Society on, or at any time after, 24 December 1996; and

• “participation in Lloyd’s syndicates”, in relation to the secondary market activity, means the investment described in sub-paragraph (1) of paragraph 21 of Schedule 2.

A term used in this Part which is defined in M1Lloyd’s Act 1982 has the same meaning as in that Act.