(1) Unless otherwise agreed in writing between the Society, the reorganisation controller and the PRA, before making a payment from central funds during the period of the Lloyd's market reorganisation order, the Society must give 5 working days written notice to the reorganisation controller.

(2) Notice under paragraph (1) must specify -

(a) the amount of the proposed payment;

(b) the purpose for which it is proposed to be made;

(c) the recipient of the proposed payment.

(3) An agreement under paragraph (1) may in particular provide for payments -

(a) to a specified person;

(b) to a specified class of person;

(c) for a specified purpose;

(d) for a specified class of purposes,

to be made without the notice provided for in paragraph (1)

(4) If before the end of the period of 5 working days from the date on which he receives the notice under paragraph (1) the reorganisation controller considers that the payment should not be made, he must within that period -