NFA Manual / Rules
Welcome to the online version of NFA's rulebook, the NFA Manual. We update this
version on an ongoing basis. If you want to check out what changes have most recently
been made to the NFA Manual, go to Recent Manual Updates.
Articles of Incorporation
ARTICLE XVII: ADOPTION, AMENDMENT AND REPEAL OF ARTICLES
[Effective dates of amendments: April 14, 1983; February 7, 1986; September 8, 1987; January 1, 1990; October 16, 1992; October 15, 2001; and April 1, 2013.]
No provision of these Articles may be adopted, amended or repealed except in the manner prescribed in this Article. Each such proposed change to the Articles shall be reviewed by the Board, and shall be submitted to the Members of NFA only upon ratification of the proposal by two-thirds of:
(a) the Directors;
(b) the combined SD and MSP Directors and Public Representatives; and
(c) the combined Contract Market, FCM, LTM, RFED, IB, CPO and CTA Directors and Public Representatives
present and voting. If any such proposed change relates to Article III, Section 2, such proposed change shall not be considered by the Board for ratification unless at least 60 days written notice of the proposed change has been given to each Contract Market Member. Upon such ratification, the proposal shall be submitted to a ballot vote of the Members and shall be adopted upon the affirmative vote of a majority of those Members in each of the categories set forth in Sections 2(a)-2(d) of Article VII who submit a proper ballot in a timely manner.