BYLAW 705. FINANCE COMMITTEE.
[Adopted effective March 12, 1984. Effective dates of amendments: June 13, 1986; January 1, 1990; November 16, 2009; February 20, 2014; and August 1, 2016.]
There shall be a Finance Committee not having or exercising any authority of the Board, to advise the Executive Committee and Board on matters of NFA financial policy including the establishment of major plans and priorities regarding the commitment and expenditure of NFA funds and the establishment of dues, assessments, fees and other charges upon Members and others. The Finance Committee shall consist of eight members as follows:
(a) NFA's President;
(b) NFA's Vice Chairman (who shall act as Chairman of the Finance Committee); and
(c) Six (6) other Directors as follows who shall not also be members of the Executive Committee and who shall be nominated by the Executive Committee and appointed by the Board at the first Board meeting in each fiscal year:
(i) One (1) Director representing contract markets;
(ii) One (1) Director representing FCMs, LTMs or IBs;
(iii) One (1) Director representing SDs, RFEDs or MSPs;
(iv) One (1) Director representing CPOs or CTAs; and
(v) Two (2) Directors who are Public Representatives (See Article XVIII).
The members of the Finance Committee described in paragraph (c) above shall serve for one year, or until the member's death, resignation, ineligibility or removal. A vacancy in the Finance Committee shall be filled by the Board. A Finance Committee member may be removed by the Board whenever, in its judgment, the best interests of NFA will be served thereby.