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Sec. 4.4  Except as otherwise provided by law, these By-Laws, or the Delegation Plan, after the first meeting of NASD Regulation at which Directors are elected, Directors of NASD Regulation shall be elected each year at the annual meeting of the stockholder, or at a special meeting called for such purpose in lieu of the annual meeting. If the annual election of Directors is not held on the date designated therefor, the Directors shall cause such election to be held as soon thereafter as convenient.
Amended by SR-NASD-97-71 eff. Jan. 15, 1998.

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