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Section 11 — Reserved



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Resolution of the Board of Governors

Failure to File Assessment Report with Membership Application

District Committees shall not consider applications for membership and in no event shall an application for membership be approved for admission to membership, until an assessment report has been filed by the applicant.

The President shall notify District Committees when assessment reports have not been filed with the membership applications.

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Resolution of the Board of Governors

Branch Offices

Each member of the Corporation shall immediately advise the Board of Governors of the opening or closing of any branch office of such member.

Each member shall be subject to the fee specified in Schedule A to the By-Laws for each branch office in existence during the fiscal year or part thereof.

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Resolution of the Board of Governors

Expulsion and Revocation for Failure to Pay Dues and Assessments

Article VI, Section 3 of the By-Laws provides that the Board of Governors, after fifteen days notice in writing, may suspend or cancel the membership of any member in arrears in the payment of any dues, assessments or other charges or for failure to furnish any information or reports requested by the Board of Governors pursuant to Article VI, Section 2 of the By-Laws, pertaining to furnishing any information or reports in connection with the determination of the amount of admission fees, dues, assessments or other charges payable by the members during any given fiscal year; and the Board of Governors deems it necessary and advisable that the President exercise the power granted to the Board of Governors by this provision when he deems it necessary and appropriate.

Therefore, the President of the Association is authorized and empowered to take any and all action permitted by the authority granted to the Board of Governors in Article VI, Section 3 of the By-Laws in respect to the suspension or cancellation of membership.

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Cross Reference:

The procedures for suspension or cancellation of membership are contained in the Rule 9620 Series.

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Resolution of the Board of Governors

Suspension for Failure to Register Personnel and to Pay Fees

Pursuant to the provisions of Section 3 of Article VI of the Association's By-Laws, the President be and hereby is authorized and directed, after fifteen days notice in writing, to suspend the membership of any member on behalf of the Board of Governors who has not filed appropriate application for registration of Registered Representatives after due notice by registered mail, return receipt requested, and has not paid the prescribed fee; provided that the President shall further notify the Executive Committee of the Board of Governors with respect to such suspension and shall advise the member concerned in writing as to such suspension.

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Cross Reference:

The procedures for suspension or cancellation of membership are contained in the Rule 9620 Series.

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Resolution of the Board of Governors

Fees for Registered Representatives

Each application for registration as a "Registered Representative" or "Registered Principal" filed with the Corporation shall be accompanied by payment of the fee specified in Schedule A of the By-Laws.

Where an applicant for registration as a "Registered Representative" or "Registered Principal" is required to pass an examination in accordance with the provisions of Section 2 of Article II of the By-Laws the application shall be accompanied by payment of such additional fee as specified in Schedule A of the By-Laws.

The registration of a "Registered Representative" or "Registered Principal" of the member shall not become effective unless accompanied by such payment as required above.

In no event shall such fees be refunded.

The President is directed to advise any member who has filed an application for registration of a "Registered Representative" or "Registered Principal" and has not accompanied such application with payment of the required fee or fees as described above that such registration may not become effective until such payment is made.

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Renumbered by SR-NASD-2002-99 eff. Dec. 30, 2002.
Amended by SR-NASD-2002-182 eff. Dec. 24, 2002.
Renumbered by SR-NASD-2002-98 eff. July 24, 2002.
Schedule A, Sec. 11 deleted eff. Jan. 5, 1993.

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