Rules & Disciplinary Issues

Rules:

For the purposes of administration and management each member shall appoint two (2) persons who hold directorship or senior executive positions within the member's company to represent itself in the Association (hereinafter called "recognized nominees").

  1. A candidate for membership shall submit an application on the Association's prescribed form as well as documentary evidence that it has been licensed by relevant authorities.

  2. Membership in this Association shall automatically cease if any member retires, changes his vocational activity so as to be ineligible for membership, or no longer maintains his business or residence within the territorial limits of this Associations. Each application for membership shall be considered by the Membership Committee, which shall investigate the applicant's qualifications for membership and report to the Executive Committee.

  3. All members shall be admitted by a majority vote of the Executive Committee.

  4. A copy of the constitution shall be furnished to every approved member upon payment of the entrance fee.

  5. Any member may resign from the Association provided that all his indebtedness has been paid. The resignation shall be submitted in writing to the Executive Committee, and shall become effective when accepted by the Executive Committee.

  6. In applying for membership to the Association, each applicant must sign a declaration, which reads " We do not compromise our status through business relation or activities with exclusive or exempt financial advisers companies or their representatives directly or indirectly."

  7. Members are not to sign any exclusive Agreement or Memorandum of Understanding with any particular exempt financial advisers company limiting or preventing them from doing business with more than one exempt Financial Advisers Company.

  8. Members besides meeting the criteria mentioned above, should at all times uphold the Objects of the Association so as to alleviate (elevate?) the status of the Association.

Disciplinary Issues:

  1. Any member being three (3) months in arrears in payment of dues shall automatically stand suspended, and shall be so notified in writing by the Honorary Secretary. Such member, upon payment of arrears, may, by two-thirds vote of the entire Executive Committee, be reinstated.

  2. Any member charged with conduct unbecoming of a member of this Association, and against whom such charges are sustained, after due and proper hearing before the Executive Committee, may be expelled from membership by a two-thirds vote of the entire Executive Committee. Such member may appeal to the General Meeting of Members against the Executive Committee's decision. The decision of the General Meeting shall be final.

  3. Any person whose membership in this Association has been terminated in any manner shall forfeit all interest in the funds and property of the Association, and all rights to the use of the name, emblem or other insignia of this Association.