Page 53 - Phase One - 2016-2017 AILFN Membership Report (9)
P. 53
2016/2017 Phase One – A Global Presence
shall not be deemed accepted (even if deposited) unless the application is approved by the Board of
Directors. The payment shall be returned to the applicant, if the application is not approved by the Board.
(b) Approval by Board of Directors. All applicants for membership must be approved by vote of the Board
of Directors. If three or more Directors vote against approval of the applicant, the application is
disapproved. If less than three Directors vote against approval of the applicant, the applicant is approved
and shall then be a Member. Upon the request of any Director, the vote shall be by secret ballot. Each
Member shall be deemed to have accepted and agreed to abide by the Certificate of Incorporation and
By-laws of the Corporation and the rules and regulations adopted from time to time by the Board of
Directors.
(c) The Board may review the membership of any member firm at any time. Provided that there has not
been any material change in the reputation, responsiveness or quality of the member and that it continues
to meet the AILFN criteria for membership, its membership will continue.
Section 3. Member Classifications. In addition to Full Members, the Board may identify from time to time
other classifications of membership and services (including without limitation sponsored and associate
members) and will specify the rules and regulations applicable to such classifications of membership.
(a) Full Member are those networks, whether global or regional that meet the criteria as set out on
attachment A. Full members will be eligible for the board of directors.
(b) Associate - Adjunct are members who meet either the criteria for full membership or may not meet
all criteria but would like to be members of AILFN. Associate members will not be eligible for a position
on the board of directors. Each adjunct member shall designate two contacts.
(c) Associate - Specialty are members who focus exclusively on one practice area or industry. Associate
specialty members are not eligible for the board of directors. Each specialty member shall designate two
contacts.
Section 4. Proprietary Rights. No part of the assets, income or profits of the Corporation shall be
distributable to, or inure for the benefit of its Members, Directors or Officers, except that the Corporation
shall be authorized to pay reasonable compensation for services rendered and make payments and
distributions in furtherance thereof. In the event of any sale, liquidation, dissolution or winding up of the
Corporation, whether voluntary or involuntary, the Members shall be entitled to the distribution of its
remaining property and rights, and all such remaining property and rights of the Corporation shall, after
payment or provision for payment of all debts and obligations of the Corporation, be distributed
exclusively and equally to the Members unless provided otherwise by law.
Section 5. Voting Rights. Each Full Member network shall designate one delegate and an alternate to be
the representative of the firm at the AILFN annual meeting. The designated delegate shall be the
representative of the member until changed. Only Full Members in good standing shall have the right to
vote. A Full Member may cast one vote.
A Member may vote by absentee ballot under such rules and regulations as the Board of Directors may
adopt. A Member may vote by proxy, as described in these By-laws.
48
shall not be deemed accepted (even if deposited) unless the application is approved by the Board of
Directors. The payment shall be returned to the applicant, if the application is not approved by the Board.
(b) Approval by Board of Directors. All applicants for membership must be approved by vote of the Board
of Directors. If three or more Directors vote against approval of the applicant, the application is
disapproved. If less than three Directors vote against approval of the applicant, the applicant is approved
and shall then be a Member. Upon the request of any Director, the vote shall be by secret ballot. Each
Member shall be deemed to have accepted and agreed to abide by the Certificate of Incorporation and
By-laws of the Corporation and the rules and regulations adopted from time to time by the Board of
Directors.
(c) The Board may review the membership of any member firm at any time. Provided that there has not
been any material change in the reputation, responsiveness or quality of the member and that it continues
to meet the AILFN criteria for membership, its membership will continue.
Section 3. Member Classifications. In addition to Full Members, the Board may identify from time to time
other classifications of membership and services (including without limitation sponsored and associate
members) and will specify the rules and regulations applicable to such classifications of membership.
(a) Full Member are those networks, whether global or regional that meet the criteria as set out on
attachment A. Full members will be eligible for the board of directors.
(b) Associate - Adjunct are members who meet either the criteria for full membership or may not meet
all criteria but would like to be members of AILFN. Associate members will not be eligible for a position
on the board of directors. Each adjunct member shall designate two contacts.
(c) Associate - Specialty are members who focus exclusively on one practice area or industry. Associate
specialty members are not eligible for the board of directors. Each specialty member shall designate two
contacts.
Section 4. Proprietary Rights. No part of the assets, income or profits of the Corporation shall be
distributable to, or inure for the benefit of its Members, Directors or Officers, except that the Corporation
shall be authorized to pay reasonable compensation for services rendered and make payments and
distributions in furtherance thereof. In the event of any sale, liquidation, dissolution or winding up of the
Corporation, whether voluntary or involuntary, the Members shall be entitled to the distribution of its
remaining property and rights, and all such remaining property and rights of the Corporation shall, after
payment or provision for payment of all debts and obligations of the Corporation, be distributed
exclusively and equally to the Members unless provided otherwise by law.
Section 5. Voting Rights. Each Full Member network shall designate one delegate and an alternate to be
the representative of the firm at the AILFN annual meeting. The designated delegate shall be the
representative of the member until changed. Only Full Members in good standing shall have the right to
vote. A Full Member may cast one vote.
A Member may vote by absentee ballot under such rules and regulations as the Board of Directors may
adopt. A Member may vote by proxy, as described in these By-laws.
48
