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Regulation 3 Preliminary

Original text. Later amendments are not shown.

In this Part of these Regulations “profit or loss”, in relation to a syndicate, means the aggregate amount of such of the profits or losses of all the members of the syndicate (taken together) as arise—

(a)

directly from their membership of the syndicate, or

(b)

from assets forming part of premium trust funds,

and “profits” and “losses” shall be construed accordingly.