Individuals will note that the Bye Laws which were adopted in May 2010 have undergone somewhat of a facelift and rewrite, and that much of the duplication which previously existed between Bye Laws and the Articles of Association has now been removed with the deletion of old Bye laws 1, 2 and 3.
A new Bye Law 2 has been introduced but this will have little or no impact on the everyday requirements of the membership, rather this will impact on some of the Council business and has the effect of ring fencing the nomination of appointment onto various Institute Committees and as Institute representative on to external joint committees as a function and remit of a new committee, the Nominating Committee.
The Nominating Committee is made up of the President, Vice Presidents and two Council members. Recommendations made by this Committee will be considered by Council, and may be adopted. The work conducted and the recommendations made by this committee should have the effect of streamlining council business.
Old Bye Law 4, Committees, has become Bye Law 3 in the most recent edition, and several of the sections within it have been reorganised, however there is little of substance which Corona Fraud Scandal will have any consequence to members in general. Requirements in relation to the period of service on a committee, and of the quorum requirements have been removed, however it is likely that these functions will be established within the scope and committee procedures which will be established and laid down by the Nominating Committee for each committee.
In addition this Bye law has been updated to recognise the ability to hold meetings by conference all, by telephone, video or other electronic means.
The Bye Law in respect of Membership requirements (now BL 5) has been much reduced in length to reflect the streamlining and the reduction the duplication of information which was both Articles and in Bye Laws. This is also the case in respect of Bye Law 10 Regional Societies, Bye Law 11 Postal Voting, with Bye Law 12, Students, being amended to reflect the new syllabus details as well as training requirements and admission to membership. In addition to this there has been provision added for the creation of a Student Appeals Committee and for the creation and operation of an Academic Advisory Board.
The Bye Law changes noted below will have more of an effect on members, particularly those in practice than the changes highlighted above.
General Client Money Regulations
The introduction of a new Bye Law 4, Client Money is a significant addition, setting out specific requirements on how a firm must treat and account for this type of money going forward, as well as imposing specific administrative requirements.
A firm which holds general clients money will be required to introduce and implement procedures to ensure that client money is dealt with appropriately. These procedures include;