Proposed Rule

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Explanation of Proposals

Article X of NFA's Articles currently states that members of the Nominating Committee "shall serve for a term of one year, or until the Annual Election in which there is at least one position to be filled on the Board in the category of the Subcommittee on which such member serves." The Board determined to amend Article X to lengthen the term of Nominating Committee members to three years and to stagger the terms so that only one-third of the members would be nominated each year. The proposed amendments make the terms of the Nominating Committee members consistent with the terms served by members of the Board and by members of all other NFA standing committees except the Executive Committee. Furthermore, the Board felt that a lengthened term would provide the benefit of giving Nominating Committee members the opportunity to develop more continuity in their working relationships.

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