§ 6202. Constitution and by-laws.
(a)The exchange shall function\nunder its constitution and by-laws which it may amend pursuant to the\nterms thereof.\n (b) Notwithstanding the authority granted to the exchange pursuant to\nthe provisions of the constitution and by-laws to amend, replace or add\nprovisions, the constitution and by-laws shall at all times provide for\nbut not be limited to:\n (1) the election of no less than six nor more than thirteen governors\nat least one-third of whom shall not be members of the exchange and who\nshall be public representatives;\n (2) the location of the principal offices of the exchange and its\nmembers to be within this state for the purpose of the transaction of\nthe types of business described in subsection (b) of section six\nthousand two hu
Free access — add to your briefcase to read the full text and ask questions with AI
§ 6202. Constitution and by-laws. (a) The exchange shall function\nunder its constitution and by-laws which it may amend pursuant to the\nterms thereof.\n (b) Notwithstanding the authority granted to the exchange pursuant to\nthe provisions of the constitution and by-laws to amend, replace or add\nprovisions, the constitution and by-laws shall at all times provide for\nbut not be limited to:\n (1) the election of no less than six nor more than thirteen governors\nat least one-third of whom shall not be members of the exchange and who\nshall be public representatives;\n (2) the location of the principal offices of the exchange and its\nmembers to be within this state for the purpose of the transaction of\nthe types of business described in subsection (b) of section six\nthousand two hundred one of this article;\n (3) the submission by members and all applicants for membership on the\nexchange of such financial information required by the superintendent;\n (4) the establishment by the exchange of a security fund in a form and\namount approved by the superintendent;\n (5) the voting power of members who are underwriting syndicates;\n (6) the voting power and other rights granted under the provisions of\nthe not-for-profit corporation law to participate in the conduct and\nmanagement of the affairs of the exchange by brokers, agents and\nintermediaries transacting business on the exchange, each of whom shall\nbe considered "members" only under the provisions of such law; and\n (7) the rights and duties of exchange members, which may include but\nshall not be limited to the manner and form of conducting business,\nfinancial stability, dues, membership fees, mandatory arbitration and\nall other matters necessary or appropriate to conduct any business\npermitted by this article.\n (c) Any amendments to the constitution and by-laws shall be subject to\nthe approval of the superintendent.\n (d) At least two-thirds of the governors shall be citizens of the\nUnited States.\n (e) For the purposes of this section, a principal office shall be one\nwhere officers and qualified personnel who are engaged in the\nadministration, underwriting, claims, policyholders' service, marketing,\naccounting, record-keeping and all supportive services shall be located.\n