ࡱ> '` bjbj{P{P 4::`-`-`-`-4-4.8-----.o0 1P7777777$8hL;r7[1..[1[17--7y7y7y7[1"--7y7[17y7y7y7-- p3o+`-}1y7770.8y7;c7;y7;y74[1[1y7[1[1[1[1[177y7[1[1[1.8[1[1[1[1dd NAHU Bylaws Adopted June 13, 1990 and Amended June 11 & 12, 1991, June 7, 1992, June 23, 1993, June 8, 1994, June 14, 1995, June 12, 1996, June 25, 1997, June 10, 1998 and June 7, 2000 by the NAHU House of Delegates ARTICLE I - Name and Principal Office Section 1. The name of this professional Association shall be National Association of Health Underwriters, a non-profit corporation, incorporated as such under the laws of the State of Ohio. The Association may also do business as National Association of Health Underwriters-America's Benefits Specialists. Herein after referred to as the Association or "NAHU". Section 2. The principal office of this Association shall be located in a place designated by the Board of Trustees. The association may have such other offices as may, from time to time, be designated by the Board of Trustees. ARTICLE II - Purposes Section 1. The objectives of NAHU are: A. To promote the common business interests of those engaged in disability and risk management. B. To advance public knowledge for the need and benefit of disability income and/or health insurance products. C. To promote the adoption and application of high standards of ethical conduct in the health insurance industry. D. To provide and promote a program of continuing education and self improvement of NAHU members. E. To coordinate the efforts of the various state and local Health Underwriter Associations of the United States. F. To create, organize, encourage and charter, on a local and state level, associations for membership in NAHU. G. To increase the knowledge of members concerning the principles, functions and applications of health insurance and disability income products. H. To promote education, legislation, regulation and practices which are in the best interest of the health insurance industry and the insuring public. I. To encourage adequate protection against the hazards of disability as part of a well-rounded insurance program. J. To do such other things and to carry out such other programs so as to further the purposes of the association. Section 2. The association and its members recognize an obligation to present accurately, honestly and completely every fact essential to the client's decision as expressed in the associations Code of Ethics, which are considered a part of these Bylaws. ARTICLE III - Membership Section Section 1. Membership in NAHU will be available under the following designations: A. Individual Members B. State Associations C. Local Associations D. Associate Company E. Life Membership Section 2. An individual member may be any individual licensed by his/her state licensing authority for the sale of disability income and health insurance products. Individual members may also include non-licensed individuals engaged in the distribution of disability income and health insurance products such as, but not limited to, home office personnel and others engaged in the management and distribution of such products. Individual members will also be referred to as Active Members. Section 3. If two (2) or more local associations in good standing exist within the geographical boundaries of a state, a prospective state association must be formed. Section 4. A state and local association shall set the date of its own annual meeting and election of officers and directors. The President and Secretary of each association shall, immediately upon election, certify to the Executive Vice President of NAHU the names and titles and addresses of the officers and directors elected to serve in the ensuing period. Section 5. A. Each local association shall have the power to fix its own schedule of dues payable to it by its members. B. Each state association shall have the power to fix its own schedule of dues payable to it by its members, subject to the ratification of the schedule by at least three-fourths (3/4) of the local associations in the state. Section 6. Each local association shall operate as a free standing association. It shall have representation on its state association Board of Directors as prescribed in the state association's Bylaws. The local association should recognize and support the positions and activities of various local associations within its state's boundaries and interact with the state association for the common good of all associations within the state's boundaries. Section 7. Associate Company membership shall be available to those companies issuing, administering, or marketing disability and/or health insurance contracts, plans or services, who wish to assist the NAHU financially. Dues for this category shall be determined by the Board of Trustees. Each Associate Company member shall designate one person as the company's primary representative in NAHU. They will not be members for census or voting purposes unless qualified as an active member in good standing. Section 8. A. Life Membership shall be granted when an active member has been in good standing for a minimum of ten (10) consecutive years, and 1) has attained age 65, or 2) retired, or 3) become disabled. NAHU dues shall be reduced by fifty (50) percent for such Life members. For any member in good standing who becomes totally and permanently disabled, all further NAHU dues will be waived. Life members have the same rights and privileges as individual members. B. Each local and state association shall determine their own amount of reduction, if any. C. Life members status shall be automatically conferred when all qualifications are met and application is made and verified by NAHU. Section 9. An association, after becoming a chartered member, may incorporate subject to the approval of the Board of Trustees, but only by the name designated in its charter: "___________ Association of Health Underwriters. Associations may choose to use the suffix "America's Benefits Specialists", or "city/state Benefits Specialists". Associations shall agree, as a condition precedent to incorporation, that it will as an incorporated body abide by the Bylaws of NAHU then in force or thereafter adopted or amended from time to time. ARTICLE IV - Membership in Local and State Associations Section 1. Members in State and Local Associations may be: A. Active B. Life C. Associate Company Section 2. An Active Member is a member so designated under ARTICLE III, Section 2. Section 3. A Life Member is an individual so designated under ARTICLE III, Section 8. Section 4. Any member in good standing, regardless of designation, is one who has paid all dues required by local, state and national associations. Section 5. All members in good standing may attend any meeting of the Association provided any required registration fees are paid. Section 6. Any individual member more than ninety (90) days in arrears in payment of dues shall be dropped from the rolls as a member in good standing. Section 7. Associate Company membership shall be available to regional companies. Dues will be determined by the Board of Trustees of the state or local association. Associate Company membership shall be available to those companies issuing, administering, or marketing disability and/or health insurance contracts, plans or services, who wish to assist the member state or local association financially. Dues for this category shall be determined by the Board of Trustees. Each Associate Company member shall designate one person as the company's primary representative in the member state or local association. They will not be members for census or voting purposes unless qualified as an active member in good standing. ARTICLE V - Officers Section 1. The Officers of NAHU shall be: A. President B. President-Elect C. Vice President D. Treasurer E. Secretary F. Immediate Past President G. Executive Vice President (Non-voting member) Section 2. Each officer, except the Executive Vice President, shall be an active member in good standing of a state and local association or a member-at-large. Section 3. All officers, except the Executive Vice President, shall serve without compensation. Section 4. A. The President-Elect, Vice President, Treasurer and Secretary shall be elected by the House of Delegates at its annual meeting. The President shall also be elected if that office has been filled in accordance with the last sentence of Section 4D, below. B. The aforementioned officers shall be elected for a term of one (1) year. C. The office of Immediate Past President shall be filled automatically by the outgoing President. In the event there is no outgoing President this office shall remain vacant and the President shall appoint a member in good standing to fulfill the duties of the office for a period not to exceed twelve (12) months or until the office can be filled in accordance with the first sentence of this section. The appointment by the President of a member to fulfill the duties of this office shall be subject to three-fourths (3/4) vote of approval by the Board of Trustees. D. If the office of President becomes vacant due to death, disability, resignation, recall, or removal by due process, the President-Elect shall assume the office for its unexpired term and the term of President for the succeeding year and the office of President-Elect shall become vacant until the next regular election. If the office of President becomes vacant and there is no President-Elect, the order of succession shall be Vice President and then Treasurer. E. If the office of President-Elect shall become vacant due to death, disability, resignation, recall, or removal by due process, or by succession to the Presidency under Section 4D, listed above, the President shall appoint a member in good standing to fulfill the duties of the office for its unexpired term. The appointment shall be subject to a three-fourths (3/4) vote of approval by the Board of Trustees. The office itself shall remain vacant until the next regular election. F. If either or all offices of Vice President, Treasurer or Secretary become vacant by death, disability, resignation, recall or removal by due process or by succession under Section 4D, listed above, they shall be filled by appointment by the President. The appointment shall be subject to three-fourths (3/4) vote of approval of the Board of Trustees and shall be only for the unexpired term of the particular office. Appointees shall assume the title and duties of the office. G. The power to appoint or nominate replacements for any vacancy, except as described in Section 4E above, shall be restricted to unexpired terms that cannot be filled within thirty-one (31) days by the House of Delegates at its annual meeting. ARTICLE VI - Duties of Officers Section 1. A. The President shall be the Chief Elected Officer of this association and shall preside over all meetings of the association, the Board of Trustees, the Executive Committee, and the House of Delegates. The President shall appoint all committees whose membership is not otherwise established by these Bylaws and shall be an ex-officio member of all committees formed under this Association except the Nominations Committee. Together with the Executive Vice President, the President shall represent this Association at various industry meetings and shall perform such other duties as usually pertain to the office, including the assignment of specific duties to other Officers and Trustees. B. The President shall also be empowered to fill all vacancies in the manner prescribed by these Bylaws. Upon completion of his/her term, the President shall assume the office of Immediate Past President. Section 2. A. The President-Elect shall perform such duties as may be assigned by the President, the Executive Committee, or the Board of Trustees. B. The President-Elect shall immediately assume the office of President when that office becomes vacant by reason of death, disability, resignation, recall or removal by due process. The President-Elect shall assume the office of President immediately following the adjournment of the annual meeting of the House of Delegates in the year subsequent to his/her election to the office of President-Elect. Section 3. The Vice President shall oversee the activities of the Standing Committees assigned to him/her by the President, and shall be responsible for other duties as they are assigned to him/her by the President, Executive Committee, or Board of Trustees. Section 4. The Treasurer shall submit a financial report at the Annual Meeting of the House of Delegates. The Treasurer shall oversee the preparation of the annual financial report required by ARTICLE XIV, Section 2. The Treasurer shall be responsible for other duties as they are assigned by the President, Executive Committee or Board of Trustees. Section 5. The Secretary shall be responsible for taking the minutes of the meetings of the Executive Committee, Board of Trustees and House of Delegates. The Secretary shall maintain the Association's Policy and Procedures. Approved, amended or rescinded P&P's shall be signed by the Secretary and stored as permanent records of the Association at the national office. The Secretary may appoint assistants as is deemed necessary to execute these duties. The Secretary shall be responsible for other duties as they are assigned by the President, Executive Committee or Board of Trustees. Section 5. The Executive Vice President shall be responsible for directing the efforts and activities of the association based on policy determined by the Executive Committee, Board of Trustees and House of Delegates. The Executive Vice President shall be a non-voting ex-officio member of all Standing Committee, Special Committee and Task Forces. Section 6. The Immediate Past President shall serve as an advisor to the Executive Committee and Board of Trustees, and perform other duties assigned by the President, the Executive Committee, or the Board of Trustees. Section 7. The Executive Committee or Board of Trustees may assign specific officers to be ex-officio members of various Standing Committees or Task Forces. ARTICLE VII - Executive Committee Section 1. The Executive Committee shall consist of the elected officers of the NAHU: A. President B. President-Elect C. Vice President D. Treasurer E. Secretary F. Immediate Past President G. Executive Vice President (a non-voting member) Section 2. The Executive Committee may act in the place of the Board of Trustees between board meetings on all matters explicitly delegated to it by the Board of Trustees. Section 3. The President may call for meetings of the Executive Committee as the business of the association may require, or a meeting may be called by the Executive Vice President upon written request of three (3) members of the Executive Committee. Section 4. A quorum for conducting business shall be no less than four (4) voting members of the Committee. Section 5. The Executive Committee may transact business by mail or electronic means by voting upon proposals to them. Any such proposal will be adopted if two thirds (2/3) majority of the entire Executive Committee returns affirmative votes. ARTICLE VIII - Board of Trustees Section 1. The Board of Trustees shall consist of: A. Executive Committee B. Regional Vice Presidents C. Chairperson of the Membership and Legislative Councils Section 2. A. The Board of Trustees shall establish and define policies, set and review budgets and have full administrative authority in all matters of the association. B. Policy and Procedures of the association are adopted, amended or rescinded by a majority vote of the Board of Trustees. Furthermore, Policy and Procedures are to be reviews on an annual basis by the Board of Trustees. The Board of Trustees may enact a temporary Policy and procedure if that Policy and Procedure is vital to be business operations of NAHU. In the event a temporary Policy and Procedure is approved, it shall be in effect for a period of no more than ninety (90) days. Section 3. A. The Board of Trustees shall meet at least three (3) regular times each year. It shall also meet at such times and places as may be determined by the President, Executive Committee, or the Board of Trustees or by written request of seven (7) members of the Board of Trustees. B. A written notice of the time and place of all regular meetings of the Board of Trustees shall be mailed to each member of the Board by the Executive Vice President not less than thirty (30) days prior to the meeting. C. All meetings of the Board of Trustees will be open to any member in good standing. Section 4. The Board of Trustees may transact business by mail or electronic means by voting upon proposals presented to them. Any such proposal will be adopted if at least two-thirds (2/3) majority of the entire Board returns affirmative votes. The Board members shall be advised of the results of such balloting no less than seven (7) days after the vote is tabulated. Section 5. A majority of the Board of Trustees shall constitute a quorum for the transaction of business. Section 6. The Board of Trustees shall also execute other specific duties assigned to it throughout these Bylaws. Section 7. The interpretation of these Bylaws resides with the Board of Trustees. Disputes between members, either individual or member associations, regarding the Bylaws shall be submitted to the Board of Trustees, in writing, and the Board's interpretation shall be in writing and entered into the permanent minutes of the Board of Trustees. Section 8. Regional Vice Presidents shall be elected by the Delegates from the state and local associations of their respective regions at the annual meeting of the House of Delegates. Each term of office shall be for two (2) years. No one person shall hold the office of Regional Vice President for more than four (4) consecutive elected years. Any person who has served four (4) consecutive years as a Regional Vice President is ineligible for election to a Regional Vice President position for three (3) years. In the event a Regional Vice Presidency shall become vacant due to death, disability, resignation, recall or removal by due process, the President of the association shall appoint a member in good standing from that region to fulfill the unexpired term of that office subject to three-fourths (3/4) vote of approval by the Board of Trustees. ARTICLE IX - Committees Section 1. Committees of the association shall be of three designations: A. Standing B. Special C. Task Force Special Committees are created by the Board of Trustees, pursuant to Policies and Procedures and are intended to exist beyond the term of the appointing Board of Trustees Task forces are created by the President, pursuant to Policies and Procedures and are intended to exist only during the tenure of the appointing President. Section 2. The Standing Committees shall be: A. Executive Committee B. Awards Committee C. Convention Host Committee D. Ways and Means E. Legislative Council F. Membership Council G. Elections Committee Section 3. The President shall appoint the Chairpersons and the members of all Standing or Special Committees and Task Forces except the Nominations and Harold R. Gordon Award committees. All Chairpersons' appointments shall be subject to approval by the Board of Trustees. Section 4. The Board of Trustees shall establish guidelines for all committees regarding usual duties, terms of office, and requirement for reports unless otherwise specified in these Bylaws. Section 5. The administration of the fiscal affairs of all Standing Committees, Special Committees and Task Forces are vested in the Board of Trustees. Section 6. The Harold R. Gordon Award standing committee members shall include; the President and Immediate Past President, and the last five available Award recipients. The committee's chair shall be the recipient of the Award from the year prior to the current recipient. The chairperson of the committee must be a member of NAHU. If the committee member scheduled to be chairperson is not a member of NAHU, the chair shall be continued by the previous chairperson. If this situation occurs two consecutive years, the President of NAHU shall appoint a chairperson who was a previous Gordon recipient and current member. In addition the Executive Vice President shall be a non voting member. ARTICLE X - Nominations and Elections Section 1. The Chairperson of the Nominations Committee shall be the Immediate Past President or the appointee fulfilling the duties of that office for its unexpired term. The Vice-Chairperson shall be the President-Elect or the appointee fulfilling the duties of that office for its unexpired term. The Nominations Committee Chairperson will appoint a past NAHU President to serve at large. Section 2. The elected members of the committee shall be one each from their respective region. They shall be members in good standing of NAHU. They shall not be currently running for office. If such should occur, his or her name should be withdrawn and the appropriate Regional Vice President will replace their name with another member in good standing. Section 3. The elected committee member from each region shall be elected by the delegates from their region at a special caucus of the region chaired by the Regional Vice President, held at the annual meeting of the association. The Regional Vice President shall announce the results of that caucus decision to the House of Delegates before adjournment of said House. Section 4. The Nominations Committee shall mail its report to the Secretary not less than ninety (90) days prior to the annual meeting of the association. Not less than seventy-five (75) days prior to the annual meeting, the Secretary shall mail a copy of the report to the President and Secretary of each State and local association. In addition, the report of the Nominations Committee will be published in the association's magazine prior to the annual meeting. Section 5. A member's name may be presented to the Nominations Committee for consideration as a nominee by any member of the Nomination Committee, or by written notice from any state and local association accompanied by a statement signed by the nominee that he/she is willing and able to serve if nominated and elected. Section 6. A. Additional nominations outside of the Nominations Committee may be made by written notice from the Boards of Directors of at least three (3) state and local associations, addressed to the Secretary of the association, which must be received not less than thirty (30) days prior to the annual meeting. The Secretary shall publish such additional nominations and mail them to the local associations not less than twenty-five (25) days prior to the annual meeting. B. With the exception of Immediate Past President and President, additional nominations may be made from the floor of the convention while nominations are open for a particular office. In order to qualify, the nominator must present to the Secretary at or before the time of the nomination a petition containing a minimum number of different state and local associations as described below, along with a signed statement by the nominee that he or she is willing and able to serve if elected. One nominating and up to two seconding speeches of no longer than five (5) minutes duration each may be made in the nominee's behalf. 1. For an office which is voted on by all delegates, the minimum number of valid signatures shall be twenty-five (25) percent of the registered delegates in attendance at the annual meeting, and a minimum of ten (10) different local member associations from at least five (5) different states must be represented by those signatures. 2. For an office which is voted on by delegates from a certain geographic region, the minimum number of valid signatures shall be twenty-five (25) percent of the registered delegates from that region in attendance at the annual meeting representing a minimum of three (3) different local member associations from at least two (2) different states within that region. ARTICLE XI - House of Delegates Section 1. The House of Delegates shall consist of: A. The Board of Trustees B. Past Presidents of NAHU C. Delegates of state and local associations as designated in Sections 2 and 3 of this ARTICLE. Section 2. A. Each state and local association shall be entitled to three (3) voting delegates. One (1) additional voting delegate will be allowed for each additional fifty (50) active members in the member association above one hundred (100) active members. No member state association, however, shall be entitled to more than eight (8) voting delegates. No additional delegates shall be assigned for less than fifty (50) active members above the base amount of one hundred (100) active members. This count must be determined no sooner than ninety (90) days before nor later than sixty (60) days before the opening session of the Annual Meeting. B. No individual member may be counted under more than one census of a member organization. C. Delegates must be active members in good standing of the association that are representing as indicated on the official NAHU membership roster. D. Notwithstanding C. above, with the approval of the state or local member association involved, past state presidents who are current members in good standing may be assigned to fill any unused state or local delegate position in the state in which they were president. Section 3. Each state and local association may designate an alternate for each of its delegates. A designated alternate may replace a delegate unable to fulfill his/her voting duty upon certification of the Credentials Committee. Section 4. For purposes of transacting business in the House of Delegates a quorum shall be at least a majority of the duly registered delegates representing no less than twenty-five (25) percent of the association's state and local associations. The nominees for each office receiving a majority of eligible delegate votes shall be declared elected. An additional vote shall be taken if no candidate receives the necessary majority for election. The two candidates receiving the most votes (or more in the case of a tie) on the first ballot shall be the only names on the additional ballot or ballots. Section 5. The Annual Meeting of the House of Delegates shall be in the month of June unless physically impossible. In the event the Annual Meeting cannot be held in June, it shall be held in the month of May or July. Section 6. The House of Delegates may: A. Elect or remove officers and Trustees of NAHU, B. Suggest and recommend policy to the Board of Trustees, C. Amend these Bylaws, D. Review the actions taken by the officers and Board of Trustees, E. Establish dues to be paid to the NAHU. Section 7. Written notice of the time and place of each meeting of the House of Delegates shall be mailed to each state and local association by the Executive Vice President of NAHU not less than sixty (60) days prior to the meeting. Written notice of resolutions to be considered at any meeting will be sent to each state and local association forty-five (45) days prior to the annual meeting. Members desiring to propose items for consideration by the House of Delegates shall submit their proposals in resolution form to the Secretary no later than sixty (60) days prior to the meeting. Section 8. No member of the House of Delegates shall cast more than one (1) vote on any issue even if that member is qualified as a voting member under more than one (1) classification set out in Section 1 of this ARTICLE. Section 9. The place for the annual meeting shall be determined by the Board of Trustees and shall be announced one year in advance. The Board of Trustees shall retain the discretionary power to change the location in the event circumstances prevent use of the place designated. Section 10. Special meetings of the House of Delegates may be called by a majority vote of the entire Board of Trustees or upon written request twenty-five (25) state and local associations representing at least three (3) regions made to the President of NAHU, provided that the written request state the reason for the convocation. The notice of a special meeting shall be sent to each local association stating the reason for the convocation. Section 11. At each duly called meeting of the House of Delegates, the President shall appoint a Credentials Committee consisting of at least five (5) members verified as members in good standing by the association's official records. ARTICLE XII - NAHU Authority Over State and Local Associations Section 1. Any state and local association failing to abide by these Bylaws or that fails to support the accepted standards for chartered associations and promulgated policies and procedures of the association may, after due and proper hearing before the Board of Trustees, have its membership herein suspended or revoked provided a copy of the charges shall have been sent by registered mail by the Executive Vice President of NAHU to the last reported President and Secretary of the state and local association thirty (30) days before the hearing. Section 2. Any state and local association more than sixty (60) days in arrears for any indebtedness to NAHU shall be considered not in good standing and may have its membership herein suspended or revoked by action of the Board of Trustees provided that notice of said indebtedness shall have been sent by registered mail by the Executive Vice President of NAHU to the last reported President and Secretary of the state and local association. Section 3. Suspension shall be by majority vote of the entire Board of Trustees. Revocations shall be by three-fourths (3/4) vote of the entire Board of Trustees. Section 4. Notice of suspension or revocation must be sent by the Executive Vice President to the President and Secretary of the suspended or discharged state and local association. Section 5. A. Any state and local association may resign from NAHU provided that all financial and other obligation of the state and local association to NAHU have been fulfilled, and that, if incorporated, the corporation has been duly dissolved. B. A state and local association may resign by passing a Resolution of Resignation adopted by a three-fourths (3/4) vote of the active membership of the state and local association. The adopted Resolution shall be sent by the Secretary of the member association by registered mail to the Executive Vice President of NAHU and shall become effective upon acceptance by the Board of Trustees. Upon acceptance of the Resolution of Resignation by the NAHU Board of Trustees, individual members shall become active members of the existing member association nearest them in their state or of their state association or members-at-large if no other association exists within their state. C. The state and local association, by taking the action to resign, shall surrender all rights to the use of the name, emblem, insignia, plate, sign, label or phrase indicative of membership in the association. D. State and local associations shall use funds only to accomplish the objectives and purposes specified in these Bylaws and no part of said funds shall inure, or be distributed to the members of the state and local association in the event it is disbanded or the charter revoked for cause in violation of the Bylaws of the National Association of Health Underwriters. Immediately upon disbandment or revocation, the state and local association's governing Board shall return all remaining association funds to its state association. If there is no state association, however, then said funds shall be sent to the National Association of Health Underwriters, for placement in escrow. After a period of one (1) year, if the association has not been reactivated or a new association organized and chartered, escrowed funds and interest shall become a part of the general funds of a member state association which may have been subsequently duly chartered. If there is no state association, the escrowed funds will be allocated to an account for the development of chapters within the region of the disbanded or revoked association. ARTICLE XIII Recall and Removal from Office Section 1. An officer or Regional Vice President of the association may be removed for malfeasance of office. Section 2. A. No nationally elected officer may be removed from office without a three-fourths (3/4) vote of the entire House of Delegates. The House of Delegates may be convened for purposes of removing a nationally officer or if the Executive Vice President of the association receives written requests for the nationally elected officer's removal from a minimum of twenty-five (25) percent of the state and local associations B. No Regional Vice President may be removed from office without a three-fourths (3/4) vote of the entire delegates from that Regional Vice President's region. The Delegates of a Regional Vice President's region may be convened for purposes of removing a nationally officer or if the Executive Vice President of the association receives written requests for the nationally elected officer's removal from a minimum of twenty-five (25) percent of the state and local associations of a Regional Vice President's region. C. Notice of recall or removal must be sent by registered mail to the affected individual advising him/her of the action taken or about to be taken. Removal by due process requires notification prior to the vote for removal from office. Section 3. Recall from office of an officer or Regional Vice President of The Association shall cause the office to be vacant until removal from the office is achieved as described in Section 2 of this ARTICLE and a successor is appointed. Recall can be initiated by the Board of Trustees and or twenty-five (25) percent of the member associations. Recall can be achieved only by a three-fourths (3/4) vote of the Board Trustees. Section 4. Failure to achieve the required vote for removal will cause the immediate reinstatement of the recalled officer or Regional Vice President. Any appointee replacing the recalled officer shall also be immediately discharged. Section 5. Any individual member of the association or of a member association shall lose all rights and privileges of office under the association and any state and local association if their license to sell insurance is revoked or if they are convicted of a felony or gross misdemeanor. ARTICLE XIV - Financial Section 1. The fiscal year of NAHU shall be 1 January through 31 December. Section 2. The Board of Trustees shall install and maintain an efficient system of accounts and to that end shall engage Certified Public Accountants. There shall be an independent audit of the association's books every year. Section 3. The Board of Trustees shall adopt a budget for the fiscal year not later than 1 November preceding the start of the fiscal year. A summary of the adopted budget will be distributed in a timely manner to all state and local Presidents and Treasurers Section 4. The Executive Vice President, or any other person entrusted with the handling of funds or property of the association, shall furnish, at the expense of the association, a fidelity bond approved by the Board of Trustees, in such sum as the Board shall prescribe. Section 5. Disbursements shall not exceed the greater of revenue raised or the expenses budgeted, except by three-fourths (3/4) vote of the members of the Board of Trustees. In the event of board approval, written notification of such action shall immediately be forwarded to all state and local chapter Presidents and Treasurers. Section 6. The Executive Vice President, with the approval of the Executive Committee, shall designate the depositories of all funds of NAHU and its affiliated arms. Section 7. The Board of Trustees shall have the power to authorize such officers and employees as in its judgment may seem advisable to execute the aforementioned voucher checks, provided that all checks in excess of $5,000 (except for those for recurring and consistent items, such as office rent, approved by the Board of Trustees in a Policy & Procedure reviewed annually) shall require two authorized signatures. Authorized signatures shall include at least one elected member of Executive Committee. The Treasurer, together with the Board of Trustees, will institute policies and procedures to insure that the financial integrity of the association is maintained at all times. Section 8. As soon as possible, after receipt of the auditors' annual report, following close of the fiscal year, the Board of Trustees shall mail to the Treasurer and President of each local and state association the balance sheet and a statement of the receipts and the expenditures of the NAHU for the previous year, duly certified by the auditors. ARTICLE XV - Logo Section 1. Any member or state and local association in good standing in a member association may use the name or style "Member of the National Association of Health Underwriters," and may use any emblem, insignia, plate, sign, label, or phrase indicative of membership as may be approved by the Board of Trustees; provided, however, that this section shall not confer membership upon individuals in any way, as membership itself and all rights, powers, and duties thereof are exclusively reserved to state and local associations; and provided further, that neither the name of NAHU nor any emblem, insignia, plate, sign, label or phrase indicative of membership shall be used in connection with any advertisement, policy form, business card, letterhead, application or other document associated with the business of insurance in such a manner as to infer or imply NAHU approval or endorsement thereof. ARTICLE XVI - Parliamentary Authority Section 1. The current edition THE STANDARD CODE OF PARLIAMENTARY PROCEDURE governs this organization in all parliamentary situations that are not provided for in the law or in its charter, Bylaws or adopted rules. ARTICLE XVII - Amendments Section 1. Amendments to these Bylaws shall be made at any meeting of the House of Delegates of NAHU by a two-thirds (2/3) vote of the delegates present and voting. Section 2. Proposed amendments to these Bylaws may be initiated by any of the following: A. The NAHU House of Delegates B. The NAHU Executive Committee C. The NAHU Board of Trustees D. Any state and local association in good standing. Section 3. Proposed amendments must be submitted in writing to the Secretary at least sixty (60) days prior to the date of the first session of the House of Delegates annual meetings. The Secretary shall send a copy of all proposed amendments to the President of each state and local association not less than forty-five (45) days prior to the date of said annual meeting. Section 4. Proposed amendments initiated in the House of Delegates at its annual meeting shall not be subject to Section 3 above. Such proposals shall be required to be in writing and be submitted to the House of Delegates at least twenty-four (24) hours before the proposals are considered. Furthermore, it must be verified by the Credential Committee of the convention that all duly registered delegates receive a copy of any proposed amendment in the specified amount of time. ARTICLE XVII - Amendments Section 1. Amendments to these Bylaws shall be made at any meeting of the House of Delegates of NAHU by a two-thirds (2/3) vote of the delegates present and voting. Section 2. Proposed amendments to these Bylaws may be initiated by any of the following: A. The NAHU House of Delegates B. The NAHU Executive Committee C. The NAHU Board of Trustees D. Any state and local association in good standing. Section 3. Proposed amendments must be submitted in writing to the Secretary at least sixty (60) days prior to the date of the first session of the House of Delegates annual meetings. The Secretary shall send a copy of all proposed amendments to the President of each state and local association not less than forty-five (45) days prior to the date of said annual meeting. Section 4.Proposed amendments initiated in the House of Delegates at its annual meeting shall not be subject to Section 3 above. Such proposals shall be required to be in writing and be submitted to the House of Delegates at least twenty-four (24) hours before the proposals are considered. Furthermore, it must be verified by the Credential Committee of the convention that all duly registered delegates receive a copy of any proposed amendment in the specified amount of time. ARTICLE XVIII - Dissolution Section 1. Dissolution of the NAHU requires a three-fourths (3/4) vote of all Active Members, Life Members, and Members-At-Large. Section 2. On dissolution of the National Association of Health Underwriters, any funds remaining shall be distributed to one or more organized and qualified educational, scientific or philanthropic organizations to be selected by the NAHU Executive Committee. ARTICLE XIX - Previous Bylaws Superseded Section 1. 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