SAAMI BYLAWS

Help Support Ruger Forum:

A

Anonymous

I just thought some of us here might be interested in what SAAMI thinks they are all about.
*******************

BYLAWS

OF

SPORTING ARMS AND AMMUNITION MANUFACTURERS' INSTITUTE

11 Mile Hill Road, Newtown, Connecticut 06470





ARTICLE I



The name of this association shall be: SPORTING ARMS AND AMMUNITION
MANUFACTURERS' INSTITUTE, INC.



ARTICLE II



LOCATION



The principal office of this Institute shall be located in Newtown, Connecticut, or such other
place as may be designated by the Board of Directors.



ARTICLE III



OBJECTS AND PURPOSES



The objects and purposes of this Institute are:



(a) To promote the general welfare of the sporting arms and ammunition manufacturing
industry, to improve its services to the sportsman, consumer and general public and
to promote the national welfare by cooperation with the Government of the United
States in strengthening the national defense effort.



(b) To provide a means of coordinating the talent and experience of those engaged in the
manufacture of sporting arms and ammunition to the end that the Government may
have available at all times, and particularly in time of war or other national
emergency, an expert organization for effective cooperation or consultation on all
subjects having to do with the industry.


(c) To promote compliance with United States statutes and regulations governing the
exportation of sporting arms and ammunition or technical data relating thereto to
foreign countries.



(d) To promote activities which will result in the safe use of sporting arms and
ammunition and propellants therefore.



(e) To encourage and promote the standardization and simplification of sporting arms
and ammunition in the interests of safety and interchangeability.



(f) To cooperate with organizations interested in the conservation of wildlife and with
organizations interested in the development and promotion of the shooting sports.



(g) To disseminate and encourage the dissemination of journals, magazines, books,
bulletins, articles and other publications containing information in connection with
the development of safe hunting and target shooting practices and the promotion of
the use of the industry's products.



(h) To collect and disseminate information on subjects pertaining to the various uses of
the industry's products and to the extension of markets.



(i) To engage in any other activities that are proper and lawful for trade associations.



This Institute is not organized for profit and shall not engage in any activities for profit. No part
of any net earnings of this Institute shall inure to the benefit of any member or individual. This
Institute shall not participate in, or intervene in, any political campaign on behalf of any
candidate for public office.



ARTICLE IV



VOTING MEMBERSHIP



SECTION 1. ELIGIBILITY Any domestic primary manufacturer producing and selling within
the United States, or domestic designing firm or corporation causing to be manufactured to its
basic design and selling within the United States under its own name, (a) sporting firearms or
ammunition subject to the United States manufacturer's excise tax or (b) propellants for sporting
ammunition shall be eligible to become a Voting Member in the Institute. For this purpose a
domestic primary manufacturer producing and selling sporting firearms, ammunition, or
propellants within the United States is a United States firm or corporation that sells within the
United States a significant quantity of such products and a substantial part of such product is
actually fabricated and/or assembled within the United States.


SECTION 2. APPLICATIONS Applications for Voting Membership shall be addressed in
writing to the Secretary, who shall send notice thereof to each member of the Board of Directors
of this Institute. The Secretary shall submit the application to the next meeting of the Board of
Directors. Upon determination that the applicant meets the eligibility requirements of Article
IV, Section 1, and promotes the objects and purposes of the Institute set forth in Article III, the
applicant shall be admitted to the Institute upon approval by two-thirds vote of the entire Board
of Directors and upon payment of the initiation fee, and such portion of the annual dues as may
be determined by vote of the Board of Directors, the applicant shall be admitted to membership
in this Institute.



SECTION 3. RIGHTS OF VOTING MEMBERSHIP Each Voting Member shall be permitted
to appoint a Director and an Alternate Director to serve on the Institute’s Board of Directors
pursuant to Article IX, Section 2, participate on each of the special committees of the Board of
Directors, as well as on each of the standing committees of the Institute, and vote and act on
behalf of the Voting Member on all committee-related issues and matters, and shall be permitted
to have access to the Institute’s technical committee manuals. However, Voting Members that
are affiliated, as defined in Article XI, Section 4, shall have one vote on the Board of Directors
to be exercised as determined by and among those affiliated Voting Members.



SECTION 4. RESIGNATIONS A Voting Member may resign at any time, on the terms and
conditions hereinafter set forth, by giving written notice of its resignation to the Secretary. The
resignation shall be effective immediately upon actual receipt of the written notice thereof by the
Secretary. Written notice of the resignation of any Voting Member shall be sent promptly by the
Secretary to each member of this Institute.



SECTION 5. DROPPING OF VOTING MEMBERS



(1) Non-payment of Dues or Assessments. Any Voting Member who shall fail to pay
any dues or assessments of this Institute which may be due and owing for a period of sixty days
after the receipt of notice from the Treasurer of the amount due and owing, may be dropped from
Voting Membership in this Institute by vote of the majority of the entire Board of Directors.



(2) Removal from Membership. Any Voting Member who becomes ineligible for
membership (Article IV, Section 1), or is charged with having violated the provisions of Article
III relating to the promotion of the safe use of sporting arms and ammunition and propellants
therefore or having conducted itself in a manner prejudicial to the best interests of this Institute
for reasons other than non-payment of dues or assessments may be dropped from membership in
this Institute upon vote of not less than two-thirds of the entire Board of Directors, provided that
such Voting Member has been given not less than fifteen days written notice prior to any such
vote of the Board of Directors, and has been given an opportunity to be heard by the Board of
Directors. Such notice shall contain a statement of the charges and of the time and place of the
meeting of the Board of Directors at which the charges shall be considered and shall offer to
such Voting Member an opportunity to be heard at such meeting of the Board of Directors. The
Secretary shall give all other members of the Board of Directors at least fifteen days notice in
writing of the time and place of such meeting and of the proposed action.


SECTION 6. OBLIGATION OF VOTING MEMBER WHO RESIGNS OR IS DROPPED
FROM MEMBERSHIP Any Voting Member who resigns or is dropped from membership shall
be obligated to pay, within ten days after it ceases to be a member, unless the same shall
theretofor have been paid, all outstanding dues of this Institute from any fiscal year and all
assessments of this Institute then in effect through the date of the Voting Member’s resignation
or expulsion.



SECTION 7. REFUNDS No Voting Member who for any reason whatsoever shall cease to be
a Voting Member of this Institute shall be entitled to any refund of any portion of any dues or
assessments theretofore paid by it, or to any portion of the monies owing to or in the treasury of
this Institute or of any other assets of this Institute.



ARTICLE V



ASSOCIATE MEMBERS



SECTION 1. ELIGIBILITY Any domestic primary manufacturer or domestic designing firm
or corporation that meets the eligibility requirements of Article IV, Section 1, but desires not to
be a Voting Member of the Institute may be admitted as an Associate Member in this Institute
upon approval by two-thirds vote of the entire Board of Directors.



SECTION 2. APPLICATIONS An application for Associate Membership shall be handled in
accordance with the same procedures provided for in Article IV, Section 2.



SECTION 3. RIGHTS OF ASSOCIATE MEMBERSHIP An Associate Member shall not be
entitled to appoint a Director or an Alternate Director to the Board of Directors, or participate on
any special committees of the Board of Directors, but may appoint a representative to each of the
standing committees of the Institute who shall have the right to vote and act on behalf of the
Associate Member on standing committee-related issues and matters and shall be permitted to
have access to the Institute’s technical committee manuals.



SECTION 4. RESIGNATIONS An Associate Member may resign at any time, on the terms
and conditions hereinafter set forth, by giving written notice of its resignation to the Secretary.
The resignation shall be effective immediately upon actual receipt of the written notice thereof
by the Secretary. Written notice of the resignation of any member shall be sent promptly by the
Secretary to each member of this Institute.



SECTION 5. DROPPING OF ASSOCIATE MEMBERS



(1) Non-payment of Dues or Assessments. Any Associate Member who shall fail to pay
any dues or assessments of this Institute which may be due and owing for a period of sixty days
after the receipt of notice from the Treasurer of the amount due and owing, may be dropped from
membership in this Institute by vote of the majority of the entire Board of Directors.



(2) Removal from Membership. Any Associate Member who becomes ineligible for
membership (Article IV, Section 1), or charged with having violated the provisions of Article III


relating to the promotion of the safe use of sporting arms and ammunition and propellants
therefore or having conducted itself in a manner prejudicial to the best interests of this Institute
for reasons other than non-payment of dues or assessments may be dropped from membership in
this Institute upon vote of not less than two-thirds of the entire Board of Directors, provided that
such Associate Member has been given not less than fifteen days written notice prior to any such
vote of the Board of Directors, and has been given an opportunity to be heard by the Board of
Directors. Such notice shall contain a statement of the charges and of the time and place of the
meeting of the Board of Directors at which the charges shall be considered and shall offer to
such Associate Member an opportunity to be heard at such meeting of the Board of Directors.
The Secretary shall give all other members of the Board of Directors at least fifteen days notice
in writing of the time and place of such meeting and of the proposed action.



SECTION 6. OBLIGATION OF ASSOCIATE MEMBER WHO RESIGNS OR IS DROPPED
FROM MEMBERSHIP Any Associate Member who resigns or is dropped from membership
shall be obligated to pay, within ten days after it ceases to be a member, unless the same shall
theretofor have been paid, all outstanding dues of this from any fiscal year and all assessments of
this Institute then in effect through the date of the Associate Member’s resignation or expulsion.



SECTION 7. REFUNDS No Associate Member who for any reason whatsoever shall cease to
be an Associate Member of this Institute shall be entitled to any refund of any portion of any
dues or assessments theretofore paid by it, or to any portion of the monies owing to or in the
treasury of this Institute or of any other assets of this Institute.



ARTICLE VI



SUPPORTING MEMBERS



SECTION 1. ELIGIBILITY Any domestic primary manufacturer or domestic designing firm
or corporation that meets the eligibility requirements of Article IV or a firm or corporation doing
business based in the United States which is actively engaged in the manufacturing of muzzle
loading equipment or supplies or is a primary source thereof may be eligible to become a non-
voting Supporting Member of the Institute.



SECTION 2. APPLICATIONS An application for Supporting Membership shall be handled in
accordance with the same procedures provided for in Article IV, Section 2.



SECTION 3. RIGHTS OF SUPPORTING MEMBER A Supporting Member may not appoint
a Director or an Alternate Director to the Board of Directors of the Institute and shall have no
voting rights in the Institute and is not eligible to participate on any of the committees of the
Board of Directors or of the Institute. A Supporting Member shall be permitted to have access to
the Institute’s technical committee manuals.



SECTION 4. RESIGNATIONS A Supporting Member may resign at any time, on the terms
and conditions hereinafter set forth, by giving written notice of its resignation to the Secretary.
The resignation shall be effective immediately upon actual receipt of the written notice thereof


by the Secretary. Written notice of the resignation of any member shall be sent promptly by the
Secretary to each member of this Institute.



SECTION 5. DROPPING OF SUPPORTING MEMBERS



(1) Non-payment of Dues or Assessments. Any Supporting Member who shall fail to
pay any dues or assessments of this Institute which may be due and owing for a period of sixty
days after the receipt of notice from the Treasurer of the amount due and owing, may be dropped
from supporting membership in this Institute by vote of the majority of the entire Board of
Directors.



(2) Removal from Membership. Any Supporting Member who becomes ineligible for
membership (Article VI, Section 1), or charged with having violated the provisions of Article III
relating to the promotion of the safe use of sporting arms and ammunition and propellants
therefore or having conducted itself in a manner prejudicial to the best interests of this Institute
for reasons other than non-payment of dues or assessments may be dropped from supporting
membership in this Institute upon vote of not less than two-thirds of the entire Board of
Directors, provided that such Supporting Member has been given not less than fifteen days
written notice prior to any such vote of the Board of Directors, and has been given an
opportunity to be heard by the Board of Directors. Such notice shall contain a statement of the
charges and of the time and place of the meeting of the Board of Directors at which the charges
shall be considered and shall offer to such Supporting Member an opportunity to be heard at
such meeting of the Board of Directors. The Secretary shall give all other members of the Board
of Directors at least fifteen days notice in writing of the time and place of such meeting and of
the proposed action.



SECTION 6. OBLIGATION OF SUPPORTING MEMBER WHO RESIGNS OR IS DROPPED
FROM MEMBERSHIP Any Supporting Member who resigns or is dropped from membership
shall be obligated to pay, within ten days after it ceases to be a member, unless the same shall
theretofor have been paid, all outstanding dues of this Institute from any fiscal year and all
assessments of this Institute then in effect through the date of the Supporting Member’s
resignation or expulsion.



SECTION 7. REFUNDS No Supporting Member who for any reason whatsoever shall cease to
be an Supporting Member of this Institute shall be entitled to any refund of any portion of any
dues or assessments theretofore paid by it, or to any portion of the monies owing to or in the
treasury of this Institute or of any other assets of this Institute.



ARTICLE VII



OFFICERS



SECTION 1. NUMBER The officers of this Institute shall be: Chairman, Vice Chairman,
President and Chief Executive Officer, Secretary, Treasurer and such subordinate officers as the
Board of Directors may from time to time determine.




SECTION 2. ELECTION OF CHAIRMAN AND VICE CHAIRMAN The Chairman and Vice
Chairman shall be elected by the Board of Directors and shall hold office for three years and
until their successors shall have been duly elected and qualified. No person may serve more than
two consecutive terms as Chairman or more than two consecutive terms as Vice Chairman. A
vacancy which occurs during the terms of the aforementioned officers may be filled by the Board
of Directors, the officer so selected to serve to the end of the term of the predecessor officer.



SECTION 3. CHAIRMAN The Chairman shall be chosen from among the members of the
Board of Directors and shall not be compensated. He shall preside at all meetings of the Board
of Directors.



SECTION 4. VICE CHAIRMAN The Vice Chairman shall be chosen from among the
members of the Board of Directors and shall serve without compensation. He shall perform such
duties as may from time to time be assigned to him by the Chairman or the Board of Directors,
and in the absence, death or incapacity of the Chairman, shall perform the duties of that office.



SECTION 5. PRESIDENT AND CHIEF EXECUTIVE OFFICER The President and Chief
Executive Officer of this Institute, who shall not be employed by, a consultant to or under
contract with any member, shall be appointed by and shall serve at the pleasure of the Board of
Directors. He may receive such compensation for the performance of his duties as may be from
time to time fixed by the Board of Directors. The President & Chief Executive Officer may also
be appointed to serve as the Secretary and/or Treasurer of the Institute.



SECTION 6. SECRETARY The Secretary, who shall not be employed by, a consultant to or
under contract with any member, shall be appointed by and shall serve at the pleasure of the
Board of Directors. He may receive such compensation for the performance of his duties as may
from time to time be fixed by the Board of Directors. In addition to the specific duties provided
for elsewhere in these Bylaws, the Secretary shall act as the custodian of the corporate records,
as well as keep an accurate and current account of the membership of this Institute. The
Secretary shall record the acts of the Board of Directors, and all other special committees of the
Board, issue notices of all meetings and conduct the correspondence of the Institute in
accordance with these Bylaws or as required by law, and shall perform such other duties incident
to the office of Secretary or as may be assigned to him by the Board of Directors.



SECTION 7. TREASURER The Treasurer, who shall not be employed by, a consultant to or
under contract with any member, shall be appointed by and shall serve at the pleasure of the
Board of Directors. He may receive such compensation for the performance of his duties as may
from time to time be fixed by the Board of Directors. In addition to the specific duties provided
for elsewhere in these Bylaws, the Treasurer shall perform the usual duties incident to the office
of Treasurer, including receiving and having custody of all funds belonging to the Institute;
keeping correct records of all receipts and disbursements; and rendering reports to the Chairman
and the Board of Directors when requested to do so. The Treasurer shall also collect the dues
and other assessments payable by all members of the Institute, and shall notify members who are
delinquent in paying dues. Except as otherwise provided herein as to confidential member data,
the Treasurer’s accounts and records shall at all times be open to inspection by the Board of


Directors or such person or persons as the Board of Directors may authorize, and he shall submit
to the Board of Directors, when and as requested, a complete financial report of the affairs of this
Institute.



SECTION 8. OTHER OFFICERS Other officers and employees, who shall not be employed
by, a consultant to or under contract with any member, shall perform such duties as may be
assigned to them from time to time, by the Board of Directors, which powers and duties may
include powers and duties elsewhere herein assigned or delegated to other officers.



SECTION 9. REMOVAL The Chairman and Vice Chairman may be removed at any time,
either with or without cause, by vote of two-thirds of the entire Board of Directors.



ARTICLE VIII



CONFIDENTIAL DATA



SECTION 1. MEMBER INFORMATION The term “confidential member data” as used in
these Bylaws means: statistical data relating to individual members, the dues and assessments of
any member, sales data filed for the purpose of determining dues or assessments, and
information collected from a member by any officer or employee of this Institute or the
Institute’s agent (i.e. accounting firm). Confidential member data shall not be divulged except
(i) upon written permission of the member; (ii) by the Treasurer for the purpose of discharging
his legal and fiduciary duties to the Institute and duties under these Bylaws, including notifying a
member it is in arrears on its dues or assessment obligations to the Institute and, as provided for
in these Bylaws, to notify the Board of Directors, officers of the Institute and management of the
Institute, that a member is in arrears; (iii) to the Institute’s accountants and legal counsel for the
purpose of protecting the Institute’s legal interest, or (iv) as may be required by law or court
order.



SECTION 2. CONFIDENTIAL TECHNICAL DATA The term “confidential technical data”
as used in these Bylaws means the SAAMI Technical Committee Manuals and other information
and materials created or developed for or on behalf of SAAMI. Confidential technical data shall
remain the sole property of the Institute. All members shall protect the Institute’s confidential
technical data at all times including, upon termination of membership for any reason, promptly
returning to the Institute all its confidential technical data.







ARTICLE IX



BOARD OF DIRECTORS



SECTION 1. NUMBER The Board of Directors shall consist of Directors designated by the
Voting Members of the Institute provided that no such Voting Member shall have more than one
Director, or Alternate Director, as provided herein, entitled to vote at any Board of Directors
meeting.




SECTION 2. DESIGNATION OF DIRECTORS AND ALTERNATE DIRECTORS Each
Voting Member shall designate to the Secretary one of its officers or employees to be its
representative in this Institute who shall be known as the “Director” and shall represent the
Voting Member on the Board of Directors, and vote and act for the Voting Member in all of the
affairs of this Institute. In addition to a Director, each Voting Member may designate one of its
officers or employees as an “Alternate Director” who, in the absence of the Director, may take
the place of the Director at any Board of Directors meeting, and who may vote. Each Director
and Alternate Director shall serve on the Board of Directors until the next annual meeting of the
Board and until their successors shall have been designated. If a vacancy occurs in the Board of
Directors, it shall be filled by appointment made by the Voting Member concerned.



SECTION 3. POWERS AND DUTIES OF THE BOARD OF DIRECTORS The Board of
Directors shall have charge of the management and affairs of this Institute. Without limiting the
general powers and duties of the Board of Directors, the Board shall have the following powers
and duties:



(a) Determine what other officers and employees this Institute shall have.



(b) Fill vacancies which may occur during the year among the officers.



(c) Fix the time and place of meetings of the Board of Directors and of special meetings
of the Board.



(d) Employ counsel, other officers, consultants and such others as may be deemed
necessary or desirable.



(e) Fix and determine from time to time the financial budget for this Institute.



(f) Subject to the provisions of Article XI, fix and determine in advance the annual dues
and special assessments to be paid by the members.



(g) Establish all standing committees of the Institute for the ensuing year and all special
committees of the Board of Directors as the need arises, define the duties of all such
committees and appoint the chairpersons of such committees.



(h) Act upon applications for membership in this Institute.

SECTION 4. MEETINGS



(a) The Board of Directors shall meet at such times and places as its members may
determine and upon call of the Chairman or designated chairman. Upon written
request of any three members of the Board, the Chairman or designated chairman
shall call a special meeting of the Board. Reasonable notice of all meetings of the
Board of Directors shall be given by the Secretary. Such notice need not, except
where otherwise specifically provided in these Bylaws, set forth the purposes of the
meeting.






(b) Any one or more members of the Board or any committee thereof may participate in a
board or committee meeting by means of a conference telephone or similar
communications equipment allowing all persons participating in the meeting to hear
each other and at the same time and such participation by such means shall constitute
presence in person at a meeting.





SECTION 5. QUORUM The number of Directors that shall constitute a quorum for the
transaction of business at any meeting of the Board of Directors shall be the minimum number
required by law, but a majority of the Directors present at any meeting, although less than a
quorum, may adjourn the same from time to time without further notice, until a quorum shall
attend. Except where otherwise specifically provided in these Bylaws, a vote of a majority of
those members of the Board of Directors present at any meeting at which a quorum is present
shall constitute action by the Board of Directors.



SECTION 6. ACTION WITHOUT MEETING Any action required or permitted to be taken by
the Board of Directors or any committee thereof may be taken without a meeting if all members
of the Board of Directors, or any committee, entitled to vote consent in writing to the adoption of
a resolution authorizing the action. The resolution and the written consents thereto by the
members of Board of Directors or committee shall be filed with the minutes of the proceedings
of the Board of Directors or committee.



SECTION 7. REMOVAL Any Director or Alternate Director of the Board of Directors may be
removed at any time, either with or without cause, by vote of two-thirds of the entire
membership of the Board of Directors but such action shall not prejudice the right of a member
to appoint a new Director or Alternate Director to serve on its behalf on the Board of Directors.



ARTICLE X



SPECIAL COMMITTEES OF THE

BOARD OF DIRECTORS



SECTION 1. FINANCE AND AUDIT COMMITTEE The Board of Directors shall establish a
Finance and Audit Committee to be comprised of at least three independent board members with
financial experience and training appointed by the Board of Directors. The Finance and Audit
Committee shall be responsible for reviewing the Institute’s operating budget; evaluating
internal accounting and financial reporting controls and procedures; making recommendations
on policies concerning the management and allocation of the Institute’s financial resources;
reviewing, selecting and consulting with a qualified investment advisor, and making
recommendations to the Board of Directors on the reasonable and prudent investment of Institute
assets; recommending and approving the selection or discharge of an independent auditor;
reviewing, in consultation with the independent auditor, the results of any independent audit,
auditor’s report, opinion, recommendation or management letter; reviewing the Institute’s
periodic and annual financial statements, IRS Form 990 filings, and internal financial reporting,
accounting and audit controls and procedures. The Finance and Audit Committee is authorized
to investigate, including hiring legal counsel, accounting or other experts if necessary, any


irregularities it finds in the financial affairs of the Institute and shall report to the Board of
Directors.



ARTICLE XI



INITIATION FEE - ASSESSMENTS - DUES



SECTION 1. AMOUNT OF INITIATION FEE



(a) Voting Member: Each new Voting Member shall pay an initiation fee of Fifty Thousand
Dollars ($50,000) to this Institute.



(b) Associate Member: Each new Associate Member shall pay an initiation fee of Twenty
Thousand Dollars ($20,000) to this Institute.



(c) Supporting Member: New Supporting Members shall not be required to pay an initiation

fee to this Institute.



The requirements and amount of any initiation fee may be revised by the Board of Directors
from time to time.



SECTION 2. AMOUNT OF ANNUAL DUES Membership dues shall be established by the
Board of Directors annually and may be adjusted from time to time as needed to support the
operations and mission of the Institute and can take the form of a special assessment.

SECTION 3. SPECIAL ASSESSMENTS Special assessments may be levied for specific
purposes not covered by this Institute's Regular Budget upon such basis of allotment among the
members of this Institute interested therein, as fixed by the Board of Directors. Funds so raised
may be disbursed as the Board of Directors or Special Committee appointed for that purpose
shall direct.



SECTION 4. AFFILIATED MEMBERS; DEFINITION SAAMI member companies are
"affiliated" to one another a) if there is a parent-subsidiary ownership relationship where one
member holds a majority ownership interest in another member, or b) two members are each
majority owned by a common entity (e.g., a holding company).



ARTICLE XII



FISCAL YEAR



The fiscal year of this Institute shall begin April 1st and end March 31st.




ARTICLE XIII



WAIVER OF NOTICE



Any notice provided for herein to any member of this Institute or of the Board of Directors may
be waived in writing or by telegram or in person, either before or after the meeting to which such
notice relates, by such member of this Institute or of the Board of Directors, and any such notice
so waived shall be deemed to have been duly given in full compliance with all of the
requirements hereof.

ARTICLE XIV



DISSOLUTION



SECTION 1. VOTING This Institute may be dissolved at any meeting of the Board of
Directors by a two-thirds vote of the entire Board, provided that notice in writing of the proposed
dissolution must be mailed to each Board member by the Secretary at least fifteen days in
advance of the meeting at which such proposed action is to be considered.



SECTION 2. DISPOSITION OF ASSETS Upon dissolution of this Institute, all funds,
property and other assets of this Institute shall, after payment of all outstanding debts, reserves
and other liabilities, be divided among members based upon the total of their dues and special
assessments paid during the ten years immediately preceding the fiscal year in which the motion
to dissolve is adopted, except that, upon unanimous consent of the members, such other division
or disposition of said funds, property and other assets, or any part thereof, may be adopted as the
members may determine.

ARTICLE XV



AMENDMENTS



Amendments to these Bylaws may be made at any time by a two-thirds vote of the Board of
Directors. If a proposed amendment is to be acted on at a meeting, a copy or summary of such
proposed amendment must be mailed to each Board member by the Secretary at least ten days in
advance of the meeting at which the proposed amendment is to be voted on. If a proposed
amendment is to be voted on by mail ballot, a copy of such proposed amendment must
accompany the ballot when the same is sent to Board members.



The foregoing Bylaws of the Sporting Arms and Ammunition Manufacturers' Institute, Inc., was
adopted at the Spring Meeting, June 17, 1970, Stratford, Connecticut, and incorporates
subsequent amendments through June 24, 2010.

 

Latest posts

Top