Rule A-3 Interpretation

 

 

Background

        Rule A-3 relates to the nomination and election of new Board members. Of the 15 initial members of the Board appointed by the Commission, five members left office in September 1977, five in 1978 and the remaining five in 1979. The Board annually appoints a Nominating Committee composed of six Board members and three persons from the municipal securities industry and the public who are not Board members, to assist in the selection of the new Board members to take office in October. The Nominating Committee solicits recommendations for nominees to the Board and nominates one person for each position to be filled. The Board then accepts or rejects the nominees from the slate submitted by the Nominating Committee. In the event a nominee is rejected, the Nominating Committee must hold a meeting to choose another nominee.

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