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.
BYLAW 503. REMOVAL OF DIRECTORS.
[Effective dates of amendments: February 7, 1986; January 1, 1990; July 30, 1990; October 15, 2001; October 9, 2007 and February 20, 2014.]
Notwithstanding the provisions of Bylaw 515, Directors may be removed from office as follows:
(a) Any Director representing a contract Market Member described in Article VII, Section 2(a)(ii)(b) and any FCM and LTM; SD and MSP; IB; or CPO and CTA Director may be removed by a majority of the Members eligible to elect the Director whenever, in their judgment, the best interests of NFA will be served thereby.
(b) Upon recommendation of the Executive Committee, any Director may be removed by two-thirds of the Directors present and voting at a duly convened meeting of the Board whenever, in their judgment, the best interests of NFA will be served thereby.