ILU Levy

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ILU Levy

At an Institute Committee Meeting held on 22 September 1998 it was resolved that Ordinary and Associate Members be required under Article 22 of the Institute’s Articles of Association to contribute an equal share of funds to the ILU. 

Members were also given the opportunity at that time to provide either a Standby Letter of Credit or an ESCROW Account for their entire contribution.  The ILU Levy was created and former members became known as The Levied Companies.

Since that time, regular amounts have been drawn down from the Levy to enable the ILU to meet its administrative responsibilities for the building at 22 Billiter Street and the parental guarantees given by former members.

It remains the obligation of Levied Companies towards the ILU to maintain their LoCs, but that is their only obligation and their liability to the ILU is limited to the amount of that LoC.

The Board of the ILU has no power to negotiate any deal with individual Levied Company.

Click here to email the ILU for further information.