Nolo will maker updating to 2016

contracts for that commodity for purposes of the computation).

(iv) A Contract Market Member and all Contract Market Members with which it is affiliated shall have no more than one representative on the Board at any one time.

(ii) At least three (3) representatives of SDs or RFEDs that are not included in paragraph (d)(i) above, as of June 30 of the prior calendar year.

(iii) One representative of MSPs: (a) Effective as of the 2013 annual meeting of the Board, eleven (11) individuals who are Public Representatives (see Article XVIII); and (b) Effective as of the 2016 annual meeting of the Board, individuals who are Public Representatives (see Article XVIII) shall constitute thirty-five percent (35%) of the Board's voting representatives.

shall be deemed to be a Member for the purposes of Articles VII, VIII and X only in that single category to which its business activities primarily relate.

Seven (7) elected representatives of registered or provisionally registered Swap Dealers, registered or provisionally registered Major Swap Participants and registered Retail Foreign Exchange Dealers, divided as follows: (i) At least three (3) representatives of SDs that are Large Financial Institutions, as of June 30 of the prior calendar year.

(iv) The content, interpretation, administration or enforcement of any rule, standard, requirement or procedure of a Contract Market or Clearing Organization.

(v) The conduct of business or other activities on the trading floor of a Contract Market.

[Effective dates of amendments: February 10, 1983; November 27, 1984; February 7, 1986; January 22, 1988; July 19, 1988; January 1, 1990; August 2, 1990; September 8, 1992; October 16, 1992; August 16, 1993; January 21, 1994; October 24, 1994; July 23, 1996; May 1, 1998; January 22, 2001; October 15, 2001; October 9, 2007; May 18, 2009; November 16, 2009; April 1, 2013; May 19, 2014; November 20, 2014 and October 8, 2015.] Section 1: General.

The duties of the Board of Directors shall include the management of NFA's business, the adoption of NFA's Bylaws, and the fulfillment of NFA's fundamental purposes.

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