Bylaws

Chapter 5. Board of Directors

BYLAW 515. QUALIFICATIONS OF DIRECTORS.

[Adopted effective June 2, 1990. Effective dates of amendments: December 10, 1993.]

(a) No individual shall be eligible to serve as a Director if such person:

(i) is subject to any of the disqualifications set forth in CFTC Regulation 1.63(b);

(ii) has been convicted of a felony within the prior 10 years; or

(iii) is subject to a Member Responsibility Action or Associate Responsibility Action which is currently in effect.

(b) In the event that a Director becomes disqualified after election to the Board, the vacancy shall be filled as prescribed by Article VII, Section 8. If the sanction is stayed or overturned on appeal before the vacancy is filled, the Director shall be entitled to resume his seat on the Board.

(c) NFA shall publish a list of those Rules which, if violated, would constitute a disciplinary offense as defined in CFTC Regulation 1.63(a)(6)(i).