NAFA's Revised Code Of Regulations Available Online
NAFA Members have approved the nine-point bylaws amendment, which was endorsed by the NAFA Board of Trustees at the close of July. Incorporating these changes, a revision of NAFA's Code of Regulations was issued on August 4.
Several of the Bylaw changes pertain to requirements dictated by the laws of Ohio, the state in which NAFA is incorporated. Changes clarify and adjust language to better reflect nonprofit governance best practices regarding: a majority vote of Trustees; the ability to give the Board of Trustees and NAFA’s voting Members the flexibility to determine how remaining assets could be best distributed in a manner consistent with NAFA’s legal obligations; and the compensation to any Member or Affiliate, or such individual’s business entity, that they may receive for services performed for or on behalf of NAFA provided that such compensation is reasonable and in an amount no greater than the air market value if the services, among other changes.
NAFA Members approved the multi-point amendment by a vote of 132-to-11, with seven abstentions.
To read the complete text of the updated Bylaws, visit: www.nafa.org/bylaws. The Bylaws are found on the "Bylaws and Policies" webpage on the NAFA website under the "About NAFA" tab.
Please discard any previous versions you have, as they are no longer applicable.