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Term of Office
Sec. 5.6 (a) After a transitional period beginning in January 2017 and ending in December 2019, during which members may be appointed to terms of office necessary to achieve the requirements of Section 5.6(b) of this Article, each National Adjudicatory Council member shall hold office for a term of four years or until a successor is duly appointed and qualified, except in the event of earlier termination from office by reason of death, resignation, removal, disqualification, or other reason.
(b) The NAC shall be divided into four classes, as equal in number as practicable, with terms of office that commence and expire on a staggered, annual basis.
(c) No member may serve consecutive terms, except that if a member is appointed to fill a term of less than one year, such member may serve a single four year term following the expiration of such member's initial term.
|Amended by SR-FINRA-2016-014 eff. Aug. 11, 2016.
Renumbered from Sec. 5.4 and amended by SR-FINRA-2008-046 eff. Nov. 6, 2008.
Amended by SR-NASD-2001-74 eff. Oct. 17, 2001.
Amended by SR-NASD-97-71 eff. Jan. 15, 1998.
Selected Notice: 16-27