RULE 28  INVESTMENT

A. The funds of the Association may, under the general supervision of the Directors, be invested by the Managers within the scope and with the sums as the Directors may approve.

B. Unless the Directors otherwise decide, all the funds standing to the credit of any policy year or of any reserve or account shall be pooled and invested reasonably as one fund.

C. When funds are pooled as provided in paragraph [B] above, the investment income arising on the pooled funds (taking into account any capital gains or losses) shall be apportioned among and between the relevant policy years, reserves and accounts in accordance with the Directors’ decision.

D. Without prejudice to paragraph [C] above, the Directors may direct that after the closing of any policy year that year shall not be credited with any share of the apportionments made under that paragraph and that its share shall instead be credited to any reserve or account maintained by the Association.