Redrafted Example
Standard Life circulated their policyholders in June 2000. A Special
General Meeting is to determine five resolutions, of which Resolution
4 goes as follows:
"That Regulation 9 of
the Regulations set forth in the schedule to the Act be amended
by the addition of the following as a new Regulation 9A:
‘9A. Notwithstanding
the provisions of Regulation 9 where a member who was the holder
of a participating policy has assigned or transferred the absolute
right to such policy on or before 8 February 2000 the assigneee
or transferee of the policy shall be a member in place of the assignor
or transferor with effect from the time of the agreement to assign
or the agreement to transfer; and such assigneee or transferee shall
have the same full membership rights and shall enjoy the same benefits
as the assignor or transferor would have had if no assignation or
transference had been made and the assignor or the transferor continued
to be the policy holder, it being provided for the avoidance of
doubt that the said rights and benefits include all money payments
or other benefits enjoyed by the policyholder in the event of demutualisation
of the Company or the transfer of the whole or part of the Company's
business to another company or body'."
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That last sentence had 161 words. If they had asked us for a redraft,
it might have been four sentences, in total 85 words:
| " ‘9A. In spite of Regulation 9, members who held participating
policies, and agreed on or before 8 February 2000 to assign
or transfer them absolutely, also transferred membership of
the Company automatically. From the date of that agreement,
the assignees and transferees are full members of the Company.
They are entitled to all the benefits to which the previous
holders would have been entitled. These benefits include any
payments or other benefits if the Company is mutualised or its
business transferred to another company or body'." |
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