New Model Rules 2012
The rules have changed in two ways - they include changes that ACE has introduced which we hope will be of benefit to credit unions and their members; most important are the changes brought about by the Legislative Reform Order. The latter requires credit unions to enter their own decisions about certain matters such an interest bearing shares in the rule book and considerable scope to add new common bonds and membership qualifications.
ACE credit unions are gradually registering their new model rules. Training in 2012 was mainly linked with how to ensure that application forms, entries in the rule books and common bonds met the FSA requirements. Where credit unions have not registered the new rules, they must continue to operate on their existing rules. Credit unions that came from another trade body can continue to operate using those rules, but they cannot take advantage of the new opportunities the LRO provides until they have registered the new rules.