ARTICLE XI: BYLAWS
[Effective dates of amendments: February 7, 1986; January 1, 1990; August 16, 1993 and October 15, 2001.]
Section 1: Adoption, Amendment and Repeal.
Bylaws of NFA may be adopted, amended or repealed by a majority of all Directors in office at the time, except that the Board shall not take the following actions unless a two-thirds majority of all Directors present and voting approves:
(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.