State Codes and Statutes

Statutes > New-york > Isc > Article-62 > 6202

§  6202.  Constitution  and  by-laws.  (a) The exchange shall function  under its constitution and by-laws which it may amend  pursuant  to  the  terms thereof.    (b)  Notwithstanding the authority granted to the exchange pursuant to  the provisions of the constitution and by-laws to amend, replace or  add  provisions,  the constitution and by-laws shall at all times provide for  but not be limited to:    (1) the election of no less than six nor more than thirteen  governors  at  least one-third of whom shall not be members of the exchange and who  shall be public representatives;    (2) the location of the principal offices  of  the  exchange  and  its  members  to  be  within this state for the purpose of the transaction of  the types of  business  described  in  subsection  (b)  of  section  six  thousand two hundred one of this article;    (3) the submission by members and all applicants for membership on the  exchange of such financial information required by the superintendent;    (4) the establishment by the exchange of a security fund in a form and  amount approved by the superintendent;    (5) the voting power of members who are underwriting syndicates;    (6)  the voting power and other rights granted under the provisions of  the not-for-profit corporation law to participate  in  the  conduct  and  management  of  the  affairs  of  the  exchange  by  brokers, agents and  intermediaries transacting business on the exchange, each of whom  shall  be considered "members" only under the provisions of such law; and    (7)  the  rights and duties of exchange members, which may include but  shall not be limited to the manner  and  form  of  conducting  business,  financial  stability,  dues,  membership fees, mandatory arbitration and  all other matters necessary  or  appropriate  to  conduct  any  business  permitted by this article.    (c) Any amendments to the constitution and by-laws shall be subject to  the approval of the superintendent.    (d)  At  least  two-thirds  of  the governors shall be citizens of the  United States.    (e) For the purposes of this section, a principal office shall be  one  where   officers   and  qualified  personnel  who  are  engaged  in  the  administration, underwriting, claims, policyholders' service, marketing,  accounting, record-keeping and all supportive services shall be located.

State Codes and Statutes

Statutes > New-york > Isc > Article-62 > 6202

§  6202.  Constitution  and  by-laws.  (a) The exchange shall function  under its constitution and by-laws which it may amend  pursuant  to  the  terms thereof.    (b)  Notwithstanding the authority granted to the exchange pursuant to  the provisions of the constitution and by-laws to amend, replace or  add  provisions,  the constitution and by-laws shall at all times provide for  but not be limited to:    (1) the election of no less than six nor more than thirteen  governors  at  least one-third of whom shall not be members of the exchange and who  shall be public representatives;    (2) the location of the principal offices  of  the  exchange  and  its  members  to  be  within this state for the purpose of the transaction of  the types of  business  described  in  subsection  (b)  of  section  six  thousand two hundred one of this article;    (3) the submission by members and all applicants for membership on the  exchange of such financial information required by the superintendent;    (4) the establishment by the exchange of a security fund in a form and  amount approved by the superintendent;    (5) the voting power of members who are underwriting syndicates;    (6)  the voting power and other rights granted under the provisions of  the not-for-profit corporation law to participate  in  the  conduct  and  management  of  the  affairs  of  the  exchange  by  brokers, agents and  intermediaries transacting business on the exchange, each of whom  shall  be considered "members" only under the provisions of such law; and    (7)  the  rights and duties of exchange members, which may include but  shall not be limited to the manner  and  form  of  conducting  business,  financial  stability,  dues,  membership fees, mandatory arbitration and  all other matters necessary  or  appropriate  to  conduct  any  business  permitted by this article.    (c) Any amendments to the constitution and by-laws shall be subject to  the approval of the superintendent.    (d)  At  least  two-thirds  of  the governors shall be citizens of the  United States.    (e) For the purposes of this section, a principal office shall be  one  where   officers   and  qualified  personnel  who  are  engaged  in  the  administration, underwriting, claims, policyholders' service, marketing,  accounting, record-keeping and all supportive services shall be located.

State Codes and Statutes

State Codes and Statutes

Statutes > New-york > Isc > Article-62 > 6202

§  6202.  Constitution  and  by-laws.  (a) The exchange shall function  under its constitution and by-laws which it may amend  pursuant  to  the  terms thereof.    (b)  Notwithstanding the authority granted to the exchange pursuant to  the provisions of the constitution and by-laws to amend, replace or  add  provisions,  the constitution and by-laws shall at all times provide for  but not be limited to:    (1) the election of no less than six nor more than thirteen  governors  at  least one-third of whom shall not be members of the exchange and who  shall be public representatives;    (2) the location of the principal offices  of  the  exchange  and  its  members  to  be  within this state for the purpose of the transaction of  the types of  business  described  in  subsection  (b)  of  section  six  thousand two hundred one of this article;    (3) the submission by members and all applicants for membership on the  exchange of such financial information required by the superintendent;    (4) the establishment by the exchange of a security fund in a form and  amount approved by the superintendent;    (5) the voting power of members who are underwriting syndicates;    (6)  the voting power and other rights granted under the provisions of  the not-for-profit corporation law to participate  in  the  conduct  and  management  of  the  affairs  of  the  exchange  by  brokers, agents and  intermediaries transacting business on the exchange, each of whom  shall  be considered "members" only under the provisions of such law; and    (7)  the  rights and duties of exchange members, which may include but  shall not be limited to the manner  and  form  of  conducting  business,  financial  stability,  dues,  membership fees, mandatory arbitration and  all other matters necessary  or  appropriate  to  conduct  any  business  permitted by this article.    (c) Any amendments to the constitution and by-laws shall be subject to  the approval of the superintendent.    (d)  At  least  two-thirds  of  the governors shall be citizens of the  United States.    (e) For the purposes of this section, a principal office shall be  one  where   officers   and  qualified  personnel  who  are  engaged  in  the  administration, underwriting, claims, policyholders' service, marketing,  accounting, record-keeping and all supportive services shall be located.