Proposed Rule

Proposed Amendments to NFA Bylaw 1303 (Additions are underscored and deletions are stricken)

BYLAW 1303. DEFAULT AND DEEMED REQUEST TO WITHDRAW TERMINATION OF MEMBERSHIP.

When any Member shall be in default in the payment of dues for a period of 30 days, or assessments or audit fees for a period of three months after such dues, assessments or audit fees became payable, NFA shall deem that Member's non-payment of dues, assessments or audit fees to be a request to withdraw from NFA membership and shall notify that Member accordingly. may thereupon be suspended by the President until all such obligations are met. When any Member shall fail to meet all such obligations within a period of six months following the date of such suspension, that Member's membership may thereupon be summarily terminated by the President on seven days written notice.