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; May 19, 2014; and October 8, 2015.]

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Bylaws of NFA may be adopted, amended or repealed in accordance with Article VII, Section 5, except that the Board shall not take the following actions unless a two-thirds majority of the Directors present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