Bylaws

Chapter 4. Member Meetings and Elections

BYLAW 406. ELECTIONS.

[Effective dates of amendments: February 7, 1986; January 1, 1990; August 3, 1990; October 16, 1992; October 15, 2001; October 9, 2007; February 20, 2014; December 15, 2014; August 1, 2016 and February 15, 2024.]

The Annual Election shall be held at the annual meeting of Members, at which the contested vacancies on the Board and Member Category Nominating Subcommittees (See Bylaw 709) shall be filled. Before the October 15 preceding the election, the Secretary shall:

(a) notify all Members in the FCM and LTM; SD, MSP and RFED; IB; CPO and CTA categories of the elected Directors and the members of the Member Category Nominating Subcommittees whose terms will expire at the Annual Election, and

(b) request the submission to the Member Category Nominating Subcommittees of the names of eligible persons to fill those positions.

Before the November 20 preceding the election, each Member Category Nominating Subcommittee of the Member Category Nominating Committee shall submit its list of nominees for the positions to the Nominating and Governance Committee, and to the Secretary who shall promptly notify the Members of the nominations. Other nominations may be made by petition, as follows:

(i) Petition signed by 50 or more NFA Members in the category for which the nomination is made (i.e., FCM and LTM; SD, MSP and RFED; IB; and CPO and CTA); or

(ii) Petition submitted by any organization or association recognized by NFA as fairly representing the category (See)(i) above) for which the nomination is made.

Each petition must identify the position to which the nomination pertains, and no petition may nominate more than one candidate for the same position. Petitions must be received by the Secretary within 21 days of the issuance of the Secretary's notification of the candidates proposed by the Member Category Nominating Subcommittees of the Member Category Nominating Committee. Promptly after the expiration of the period within which petitions may be submitted, the Secretary shall notify the Members of all of the candidates for Director and members of the Member Category Nominating Committee. In the event of a contested election in any of the FCM and LTM; SD, MSP and RFED; IB; or CPO and CTA categories, the Secretary shall cause notice of the meeting wherein such election shall be considered to be sent to all Members in that category by December 31.

Promptly after December 31 of the year immediately preceding the election, the Secretary shall notify the contract market Members that shall have representatives on the Board during the current calendar year. Provided, however, that if an election is held pursuant to Article VII, Section 2(a)(ii)(b), then the Secretary shall request the contract market Members eligible to have a representative in accordance with Article VII, Section 2(a)(ii)(b), respectively, to nominate eligible persons to represent such contract market Members. In the event of a contested election in the contract market category, the Secretary shall cause notice of the meeting wherein such election shall be considered to be sent to all contract market Members eligible to vote in accordance with Article VII, Section 2(a)(ii)(b), respectively, by January 10.