SUMMARY OF PROPOSED REVISIONS TO THE BY-LAWS
The primary reason for the proposed revision was to change both CFA Hawaii’s fiscal year and the term of its Board and Officers to correspond with CFA Institute’s fiscal year; i.e., change the fiscal year end from September 30 to August 31 (See Section 8.1). However, this straightforward revision morphed into an extensive rewrite of the By-laws, which has taken some time and effort.

The change of date was made, and CFA Hawaii’s fiscal year and the terms of its officers and Directors would begin on October 1. A number of other revisions to the text did not significantly alter the provisions of the original text but were made for a number of reasons:

a) To better reflect the language or intent of certain CFA Institute documents (primarily the Bylaws), State of Hawaii revised statutes governing nonprofits, or CFA Hawaii’s Articles of Incorporation;

b) To update the Bylaws to allow for certain technological advancements and current business practices, primarily the use of email for notification; or

c) To correct errors or omissions in the previous document.
None of these changes significantly affected the meaning of the previous document. However, a number of revisions were made that do change or add to the old Bylaws:

1) Section 1.6 Purposes This entire section was added. The language was adapted from the CFA Institute By-laws.

2) Section 3.4 Associate Member A fourth membership class was created, enabling finance professionals who may not be pursuing the Charterholder designation to join CFA Hawaii. The class is non-voting.

3) Section 4.5 Elections The requirement for the Board to form a Nominating Committee was added. The formation and function of the Nominating Committee is also described. The addition of a Nominating Committee formalizes a procedure that the Board has followed for a number of years.

A more detailed description of the actual election process was also added to this Section.

4) Section 7.2 (a) Committee Chair and Members The requirement that all committee chairs be Regular Members was removed. This requirement has severely restricted the pool of volunteers eligible for committee chair positions. Committee chairs would be required to be Members in Good Standing.

5) Article 9 CONFLICT OF INTEREST POLICY This section was deleted in its entirety. The Board determined that conflicts of interest would be better addressed in the Board’s Policies and Procedure’s Manual.