S.L. 403.13 Art. 19When payment must not be made.

(1) In no case shall any payment be made under this Part -

(a) where the claim is in respect of unearned premiums;

(b) where the claim is by or in respect of a person who is a shareholder of the insolvent insurer and holds twenty or more of the issued shares of such per centum insolvent insurer.

(2) Where the Management Committee is of the opinion that an applicant is not entitled to compensation in whole or in part, the Committee shall give notice in writing of that opinion to such applicant and the reasons therefor.