Circular 1/10 (February 2010) Special General Meeting - proposed amendments to Club Rules

OUTLINE
• Notice of a Special General Meeting in Bermuda on 18th February 2010 to amend the Rules for the 2010 policy year.
• The proposed Rule change addresses potential risks to the Club from government sanctions or prohibitions which materially affect the Club.
• The amendment is recommended by the Board to protect the Club in the context of recent Bermudian legislation.

ACTION
• Proxy forms completed for Members’ signature can be downloaded from the UK Club website (www.ukpandi.com).
• Signed proxy forms can be scanned and emailed to the Secretary (david.hunter@thomasmiller.com), or alternatively faxed to him at +1 44 1292 3694.
• Completed proxy forms should be with the Secretary at least 12 hours before the meeting on 18th February 2010.

TO THE MEMBERS
Dear Sirs
SPECIAL GENERAL MEETING – PROPOSED AMENDMENTS TO CLUB RULES

At its meeting on 1st February 2010, the Board considered the terms of the Anti‑Terrorism (Financial and Other Measures) Amendment Act 2009, which came into effect in Bermuda on 15th January 2010, and the potential risks to the Association associated with any prohibition which might be imposed on the Association under such legislation.

In view of the imminent commencement of the 2010 Policy Year and in order to protect the Association, the Board has convened a Special General Meeting, notice of which is set out below.

The Board recommends the adoption of the amendment to the Rules set out in the Resolution as a precautionary measure for the 2010 Policy Year only, while the Board obtains further advice as to how best to protect the interests of the Association and all its Members, including those who may be impacted by any such action.

The terms of the Resolution make it clear that this new Rule is to be effective for the 2010 Policy Year only, pending consideration of further amendments to the Rules from 20th February 2011. The power to terminate an Owner’s insurance under the new Rule is exercisable by the Directors, and it is intended by the Board that this power should be exercised by the Board and not delegated to the Managers or any Committee of the Board.

The Board is conscious of the inconvenience to the Members of an amendment to the Rules so close to the beginning of a new Policy Year, but believes that the adoption of this new Rule is advisable for the protection of the Association.

Yours faithfully
THOMAS MILLER (BERMUDA) LTD.

CONTACT
• Members requiring further details should contact Dr. Chao Wu (chao.wu@thomasmiller.com / +44 20 7204 2157).