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Bylaws of NFA may be adopted, amended or repealed in accordance with Article VII, Section 5, except that the Board shall not take the following actions unless a two-thirds majority of: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