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NFA Manual / Rules

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Articles of Incorporation



ARTICLE XI: BYLAWS
[Effective dates of amendments: February 7, 1986; January 1, 1990; August 16, 1993; October 15, 2001; April 1, 2013; and May 19, 2014.]

Section 1: Adoption, Amendment and Repeal.

Bylaws of NFA may be adopted, amended or repealed in accordance with Article VII, Section 5, except that the Board shall not take the following actions unless a two-thirds majority of:

    (a) the Directors;
    (b) the combined SD, MSP and RFED Directors and Public Representatives; and
    (c) the combined Contract Market, FCM, LTM, IB, CPO and CTA Directors and Public Representatives

present and voting approves:

    (i) Delegating or otherwise granting authority to any NFA Committee, officer, employee or agent, or any other person, to adopt, amend or repeal any Bylaw;

    (ii) Adopting, amending or repealing any Bylaw regarding dues or assessments; and

    (iii) Adopting, amending or repealing any Bylaw regarding dues, assessments or similar charges imposed on Contract Market Members.

    Section 2: Content of Bylaws.

    Except insofar as such matters are expressly contained in these Articles, the following shall be as provided from time to time in NFA's Bylaws: The conditions of, method of admission to, and qualifications for membership and Associate registration; the limitations, rights, powers and duties of Members and Associates; dues and assessments; the method of expulsion from and the termination of membership and Associate registration; the procedures for the settlement of claims and grievances; and all other matters pertaining to membership in, registration with, and the conduct, management and control of the business, property and affairs of NFA.

     
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